LONDON mayor Boris Johnson has announced a £23million regeneration fund aimed at returning the borough to its 'former glory'.

The funding will transform a number of areas in and around the town centre and New Addington.

"Croydon is ripe for investment, and the devastation of the August riots is a reminder of the urgency of investing serious sums into this potential economic powerhouse," Mr Johnson said.

"South London is critical for capital’s long-term economic success and prosperity.

"Its people deserve to live in attractive surroundings and the rest of London needs the jobs, opportunities and economic growth that Croydon has so often created throughout its long history."

A joint taskforce between the mayor's office and Croydon Council will oversee a major programme, focussed on four key area.

• 'Making a positive first impression' - £5million - to make the key entrances to central Croydon more welcoming, with simple, direct routes to destinations. This could include creating more space for pedestrians, and improving public transport interchanges. Huge improvements are planned for the area around West Croydon station, and the at the junction of Dingwall Road and Landsdowne Road near the planned East Croydon station footbridge, which will link to the town centre.
• 'Strengthening Croydon's high streets' - £7million to repair and upgrade London Road, North End, South End, Church Street and George Street. Working with business owners to improve shop fronts, increase both footfall and turnover, bring in new types of shops and fill vacant units.
• 'Connecting Croydon' - £6million to make it easier to walk between key destinations. Ideas include new and better pedestrian crossings across Wellesley Road, and connecting the centre of New Addington with community-led initiatives in green open spaces nearby to strengthen enterprise and promote healthy living.
• 'Supporting and attracting business' - £5million for a three-year programme of support for businesses, aimed at making Croydon more attractive as a business location, as well as a place to hold conferences, with specialised support to stimulate recovery in the office market in key locations and for SMEs.

The funding was agreed by the Mayor's office and Croydon Council following a series of meetings that were held after the rioting on August 8.

Croydon Council leader Mike Fisher said: "Croydon is committed to investing in major regeneration.

"The funding from the Mayor of London will help us to realise many of our ambitions.

"There have been plans in the past that never really got off the ground, but now we are seeing things really happen in Croydon.

"Coming so soon after the Westfield announcement this shows there is a real buzz about Croydon right now."

The money, which was announced during the Develop Croydon conference, is part of the Mayor's £70million regeneration fund set up to help repair the damage caused in the August riots.

Of that, £20million was secured from central government, with the rest from City Hall.

A further 13 boroughs across the capital will be given funding, with the plans to be announced in the New Year.