A PREFERRED bidder has been approved by the Mayor of London to redevelop the Catford Greyhound Stadium.

The old dogtrack, situated between Catford and Catford Bridge stations, has stood vacant for a decade.

Planning permission is already in place for a mixed-use development on the land featuring 589 homes, creating an estimated 1,178 jobs.

Original developer Countryside Properties and Hyde Housing Association was poised to deliver the project back in 2008.

However, like other big development in the area, progress stalled due to the economic downturn and the land was eventually transferred to the Greater London Authority.

Following an invitation to tender, a number of bids for the project were made and Boris Johnson has now approved one of those bidders, with further details set to be announced next week.