A HUGELY revised scheme for redeveloping the key Gateway site next to East Croydon station is being prepared by developer Stanhope and its financial partner Schroders.

Full details of the new cut-down scheme will be unveiled later this year but outlines were submitted to council planners this week.

Stanhope and Schroders have planning permission for a redevelopment scheme which includes more than 800 homes, 100,000 square metres of office space, restaurants, cafes and a new home for the Warehouse Theatre on the site, which has been derelict for more than 40 years.

However, the scheme stalled because the developers were unable to attract an anchor tenant for one of the office blocks, which was necessary, they believe, if the overall project had any hope of completion.

The plan has now been overtaken by the compilation of the East Croydon master plan.

This, a collaboration between the council, several developers, Transport for London and Network Rail, will act as a blueprint for redevelopment of an area accepted as key to the regeneration of the town centre.

As part of the master plan £13 million is in the kitty to build a new bridge linking Cherry Orchard Road with the Wellesley Road area.

The bridge, with Stanhope/Schroders' agreement, cuts across their site, leaving them with no option but to come up with a revised scheme.

The new development, as indicated to the council, shows that the number of homes has been reduced to 500 but the proposed office space will remain the same.

The commitment to building a new Warehouse Theatre remains and the development will also include shops and parking.

In a statement issued this week, the developers said: "Stanhope and Schroders are intending to make a planning application later this year for a mixed use office and residential scheme to regenerate the key site adjacent to East Croydon station.

"We will be consulting on this new outline application."