9 November 2020
PROPERTY DEALS HIGHLIGHT CROYDON'S RESILIENCE DURING PANDEMIC
Business Space
Despite the Covid-19 pandemic, SHW has completed three major property deals this summer that will bring substantial economic benefits to Croydon at a time of ongoing uncertainty.
The deals cut across a broad range of sectors, including educational, logistics and residential, demonstrating the breadth of confidence in the borough and its resilience in the face of seismic change.
Even during lockdown, a concerted team effort saw the completion of one of Croydon's biggest property deals in recent years. London South Bank University exchanged on Electric House in August, paving the way for a new campus in the borough.
The university signed a 15-year lease on the 56,000 sq ft building which will be converted to include a lecture theatre, classrooms and a café, as well as a ground floor business hub.
The campus will cater for students studying health, social care, business and finance, with courses expected to start next September. It will provide excellent educational and career opportunities for Croydon's growing population and train a new generation of nurses at a time of heightened demand.
London South Bank University worked in partnership with Croydon Council's inward investment team to get the deal over the line, while SHW advised the landlord throughout.
A few months before the university signing, residential developer London Square sealed a deal on the St Michael's Courtyard site to deliver a large mixed-use scheme next to West Croydon station.
The £90m development will feature 232 homes in two tower blocks, a public square, shops, cafes and offices, creating a new gateway to Croydon town centre. Some 55% of the new houses will be designated as affordable.
London Square Partners will work in partnership with Clarion Housing Group to deliver 128 shared ownership homes alongside 104 apartments for private sale.
In a third significant deal, Prologis' recent acquisition of a 4.5-acre strategic industrial site at Beddington Lane will bring a much-needed supply of logistics space to the Croydon market.
As demand from logistics companies grows on the back of online sales, finding available units close to urban centres has become increasingly challenging.
SHW are now marketing the site for up to 90,000 sq ft of logistics space, developed on a build-to-suit basis. The land lies adjacent to Prologis Park and is likely to appeal to a broad range of users, including e-commerce, last mile and parcel operators.
The sale underlines Croydon's importance as the main go-to location for last-mile logistics in south London.
