Capital & Regional Share News (CAL)

(Sharecast News) - Capital & Regional has received formal approval for its plan to extend and develop a shopping centre in the London suburb of Walthamstow. The in-town shopping centre operator said it would add 86,000 sq ft to the Mall precinct and build up to 500 new homes, including affordable housing.Work on the project is scheduled to start in 2020 and will build on an already completed refurbishment of the shopping centre and the arrival of new tenants such as Lidl and Pret a Manger. Brands have been attracted by affordable retail space and above average footfall, the company said.The development will include a new entrance from the Mall to Walthamstow Central station and an improved town square with a children's play area and family facilities.Walthamstow in North East London has gentrified rapidly over the past decade as families have moved there from more central boroughs such as Islington and Hackney. Capital & Regional owns seven shopping centres, specialising in sites it believes are central to its catchment area and provide essential goods and services to the population.Chief executive Lawrence Hutchings said: "We have tailored the mix of homes, leisure uses, services and amenities to meet the needs of the local community...All of this will ensure Walthamstow remains a vibrant neighbourhood for generations to come, underpinning the resilience of the Mall, our positive footfall growth and, ultimately, our income profile."Capital & Regional shares rose 1.2% to 46.5p at 0925 BST.