A consultation over a £200 million redevelopment will launch this week after the developers agreed to sell a majority stake in the company to a South African property giant.

Capital & Regional (C&R) agreed to a £150 million deal to sell 51 per cent of the company’s shares to Growthpoint Properties last week.

Before the deal, C&R shares had fallen almost 75 per cent since June last year.

The company, which owns seven shopping centres, will launch a public consultation on “improvements to the consented scheme” to redevelop The Mall in Walthamstow.

Plans to extend the mall, consented in July 2018, include 8,000 square metres of new retail space, 350 new permanent retail jobs, 500 new homes, a new children’s play area and re-landscaped town square.

The scheme will also deliver a new entrance to Walthamstow Central tube station.

The development has long been a source of controversy.

Campaigners have rejected the housing model and called for the mature trees – set to be felled – in Walthamstow Town Square to be saved.

Nancy Taafe, chair of Save our Square E17, said: ”Save Our Square E17 has successfully kept the developers at bay for four years and we don't intend to acquiesce just because of pressures at the top.

“We are encouraging all our supporters to express their opposition to these plans, if we find that they do intend to press ahead, and to express their opposition to C&R and Waltham Forest Council and councillors.

“We are encouraging all our supporters to come along our Save Our Square meeting on November 4 at 7pm at William Morris Community Centre, Greenleaf Road, Walthamstow.”

The council has set a target of 50 per cent affordable homes as an average across various developments in the borough and plans to plant five trees for every tree felled.

The council has also pledged to invest £7.3 million from the development into building new homes for affordable rent in Walthamstow.

Lawrence Hutchings, chief executive of Capital & Regional, said: “It is important to us that extension of The Mall meets the expectations of residents and shoppers and the feedback we receive at the exhibition will help us to do that.

“Since the previous consent was granted, Capital & Regional has been working with Waltham Forest Council and Transport for London to find ways to incorporate feedback from the community and improve these plans for The Mall, in particular to integrate a potential second station entrance to Walthamstow Central underground station and a new ticket hall.

“These improvements will also mean the development is less disruptive and allow construction to be completed in a shorter time period.”

An exhibition of the plans is happening on Friday, October 25 and Saturday, October 26 from 10am – 6pm at 202 Hoe Street, Walthamstow.

Following the exhibition, residents can complete the consultation online.