The redevelopment of Times Square is set for completion in the coming months and will send a message to investors that “Sutton is open for business,” according to the town’s business improvement district.

RELATED: Building begins again at Sutton High Street's Times Square

Times Square construction firm goes into administration

Developer Lumina Retail Estate Capital has announced the overhaul of the 30-year-old shopping centre will be finished in the first quarter of this year, almost one year later than expected.

Attracting big retail names like TK Maxx and Poundworld, the development involves a complete refit of the 228,000 square foot building to make way for new retail units.

Successful Sutton chief executive Ross Feeney said: “We are delighted that the builders are back on site, there has been a lot of disruption on the high street over the last six months with the development work going on.

“In the future more business rates will be kept locally and spent by the council and therefore it is a priority for us to make sure the rates collected are spent in such a way that benefits the high street.

“The message we are keen to push out to local investors and national and international investors is that Sutton is clearly a place that is open for business and is a place they are extremely welcome.

“The more people we have living and working in the centre the better it is for our local economy all round.”

Lumina spokesman Jeff Carson said: “This is a high street scheme that plays a pivotal role in the local shopping offer and we have worked hard to keep people informed, maintain letting momentum and complete the work to an extremely high standard.

“The site is being redeveloped to create larger retail units, which are attracting major high street occupiers and will bring a broader shopping offer to Sutton.

“The deals with TK Maxx and Poundworld have resulted in extensive interest in the remaining units.”

Lumina bought the shopping centre alongside neighbouring Times House for £13m in April 2014 from Buckingham Securities, which had made a substantial loss, having purchased the properties before the financial crisis for £40m.

Initial work began in January 2015 with the expectation work would be completed by the summer.

Development ground to a halt when construction firm Longcross Construction Ltd went into administration five months later.

In November developers Macmillan and Wright resumed building works.