Develop Croydon Conference | 20th November 2018 | Croydon Park Hotel
Month

May 2016

LaSalle buy Purley Way for £45million

Purley Way retail park has been bought by LaSalle Investment Management in a £45.5million deal.

Ranked London's number one ranked retail warehouse destination, it has been purchased as a fully-occupied concern although there is a half acre area of undeveloped land to the rear.

Existing tenants of the site, previously owned by IM Properties, include Oak Furniture Land, Harveys and SCS.

Jonathan Perkins, director of out of town retail and leisure at JLL, who advised IMP, said: “Purley Way is a prime trading location, which is well understood by the market, offers good opportunity for future growth and expansion and therefore the park was always going to attract strong interest.

"Brexit definitely created a pause in activity at the beginning of the year and the scarcity of prime stock available played to our advantage, attracting a good number of potential buyers.“

Purley Way is part of the main arterial route running around Croydon.

TMRW has arrived in Croydon

TMRW, a brand new technology hub providing flexible and affordable office space and support to tech-savvy entrepreneurs and small businesses, has opened its doors in Croydon.

The state-of-the-art working space was supported by £2m worth of investment, including a contribution from the Mayor of London’s Regeneration Fund for the fit out and a rent and rate free period from Croydon Council.

It promises to be attractive to the capital’s most progressive technology businesses which are looking to scale up and grow fast in the emerging tech-capital of London.

With 21,000 sq ft of offices and state-of-the-art facilities, TMRW offers 320 desk spaces, a range of meeting and board rooms, and a 200-capacity technology-enabled events space. Alongside these facilities are a host of in-house business support services.

These include web development, hosting and cloud services, public relations advice, recruitment, online customer acquisition, legal services, and accounting.

The newly opened scheme, in Davis House on the High Street, was first proposed by the council a year ago.

It provides anyone who is looking for a place to develop and grow businesses related to technology or the arts with a sleek new working environment at the heart of Croydon.

Users of TMRW’s facilities can also access unique business classes, organised meet-ups between people with complementary ideas, and a variety of activities that will help them network with the wider business community.

Councillor Mark Watson, cabinet member for economy and jobs, said: “This is a fantastic project that‘s gone from an idea to inception in under a year and is already helping build a community of entrepreneurs, thinkers, risk-takers, musicians, artists, investors, and businesses.

“As a council it’s one of our priorities to bring business and employment opportunities into the town.

"TMRW is just the latest example of how we’re successfully doing this in Croydon – meaning we expect to see some £7billion invested here over the next few years.

"Right now we can see new offices and homes springing up in every direction, and the borough’s future is, without a shadow of a doubt, a bright one.”

Francois Mazoudier, TMRW’s chairman, said: “London has become Europe’s epicentre for fast growth tech businesses - an amazing achievement.

"The downside of this boom has been the flash-rise of rent prices, with many great start-ups being priced out of central London, in particular the East End.

"With TMRW, with our network of tech entrepreneurs, investors, industry partners and a vibrant local social scene, we’re establishing one of the UK’s best alternative clusters for tech entrepreneurs and start-ups.”

The building also provides space for emerging and established south London artists to display their work, and a café has been set up that focuses on the use of locally-sourced, in-season, freshly made food.

TMRW has arrived in Croydon

TMRW, a brand new technology hub providing flexible and affordable office space and support to tech-savvy entrepreneurs and small businesses, has opened its doors in Croydon.

The state-of-the-art working space was supported by £2m worth of investment, including a contribution from the Mayor of London’s Regeneration Fund for the fit out and a rent and rate free period from Croydon Council.

It promises to be attractive to the capital’s most progressive technology businesses which are looking to scale up and grow fast in the emerging tech-capital of London.

With 21,000 sq ft of offices and state-of-the-art facilities, TMRW offers 320 desk spaces, a range of meeting and board rooms, and a 200-capacity technology-enabled events space. Alongside these facilities are a host of in-house business support services.

These include web development, hosting and cloud services, public relations advice, recruitment, online customer acquisition, legal services, and accounting.

The newly opened scheme, in Davis House on the High Street, was first proposed by the council a year ago.

It provides anyone who is looking for a place to develop and grow businesses related to technology or the arts with a sleek new working environment at the heart of Croydon.

Users of TMRW’s facilities can also access unique business classes, organised meet-ups between people with complementary ideas, and a variety of activities that will help them network with the wider business community.

Councillor Mark Watson, cabinet member for economy and jobs, said: “This is a fantastic project that‘s gone from an idea to inception in under a year and is already helping build a community of entrepreneurs, thinkers, risk-takers, musicians, artists, investors, and businesses.

“As a council it’s one of our priorities to bring business and employment opportunities into the town.

"TMRW is just the latest example of how we’re successfully doing this in Croydon – meaning we expect to see some £7billion invested here over the next few years.

"Right now we can see new offices and homes springing up in every direction, and the borough’s future is, without a shadow of a doubt, a bright one.”

Francois Mazoudier, TMRW’s chairman, said: “London has become Europe’s epicentre for fast growth tech businesses - an amazing achievement.

"The downside of this boom has been the flash-rise of rent prices, with many great start-ups being priced out of central London, in particular the East End.

"With TMRW, with our network of tech entrepreneurs, investors, industry partners and a vibrant local social scene, we’re establishing one of the UK’s best alternative clusters for tech entrepreneurs and start-ups.”

The building also provides space for emerging and established south London artists to display their work, and a café has been set up that focuses on the use of locally-sourced, in-season, freshly made food.

Brand Croydon behind surge in prices

First time buyers flocking to Croydon have pushed the average asking price of starter homes up faster in the borough than anywhere else in the country.

Prices surged by 18.6 per cent in Croydon over the past year to an average of £297,770, making it the nation’s top hotspot for first time buyer homes according to online property portal Rightmove.

And property experts say the town’s ongoing regeneration, fast rail links to the City and value for money are behind the record-breaking increase. Croydon also has the fastest growing tech-cluster in London, thanks to rents being 30% per square foot than in central London.

“Having worked as an estate agent in Croydon for 30 years, it is great to see the Croydon brand finally in so much demand and appreciated for the great place that it is,” said Gary O’Hare, Director of Streets Ahead estate agents.

"Everybody is talking about Croydon. Suddenly at the MIPIM international property show in Cannes in March, there was real confidence and interest from the press from around the world in Croydon as a town of opportunity for the future.

“I think for the first time, with all the exciting development in East Croydon including Ruskin Square and the Redrow/Menta development, people can actually see that the town’s dreams are actually coming to fruition.”

In the Rightmove survey, Croydon narrowly beat Dartford in Kent, who saw an 18.5% price rise, and Luton in Bedfordshire, with an 18.4% rise in first time buyer home prices since May 2015. Croydon’s neighbour Sutton, came in at ninth place on the FTB hotspot league with a 15.7% increase in property prices.

Rightmove found the average price England and Wales for a two bedroom or fewer home rose by £11,298 in the last month alone, to reach £194,224. Homes in this bracket are typically popular with both first-time buyers and buy-to-let investors.

The price rises come despite a three percentage stamp duty hike for buy-to-let investors, imposed from April 1, which it was thought would slow the market.

However Rightmove said the rush of buy-to-let investors snapping up properties before the stamp duty deadline had resulted in ‘a famine of suitable property and higher prices’. The net effect had pushed up starter home prices in many places, including Croydon

 

Arcadis moving in to top two floors of council HQ

Multinational design and consultancy firm Arcadis has signed a £7.5million deal to rent out the top two floors of Croydon Council’s headquarters. The 19,000 sq ft of space at Bernard Weatherill House was brought to the market when as the co...

Leaden Hill planning permission secured

Croydon Council has granted outline planning permission for up to 75 new flats and commercial space at Leaden Hill. Developers the Oakwood Group plan to build the one, two and three bedroom apartments on a 4,000 square metre site close to Coulsdon Rail...

Derelict properties turned into family homes

A council drive to turn derelict properties into homes for Croydon families has passed the 100 mark in one year.

In 2015, Croydon Council launched its empty homes campaign to identify, refurbish and rent out homes that had lain empty for more than year. 

The aim is to boost the rented sector in Croydon, help cut the number of families living in bed and breakfast accommodation and reduce the blight of empty homes on the borough’s local environment.

Since then, the council has got landlords to do up and re-let 108 flats and 29 houses to families needing temporary accommodation in the borough.

The latest properties to be reoccupied this month are 16 homes in south Croydon that had been empty until the council stepped in to revamp and re-let them with utilities consultancy and social landlord The Monarch Partnership.

The previously-derelict two-bedroom 1930s maisonettes in Haling Grove are now let by Monarch to the council so it can provide medium-term accommodation to families on the housing waiting list.

The 137 properties brought back into use so far under the empty homes programme range from a four-bedroom detached home in Purley that the council bought through a compulsory purchase order in March last year to sites in Waddon, Thornton Heath, Coulsdon and New Addington. The empty homes drive is part-funded by the Greater London Authority, which provides grants to councils that actively look to restore empty homes.

Other improvements in the last year to the council’s housing stock include converting Windsor House, a former office building in Norbury, into new medium-term temporary accommodation, as well as investing £30m in the Real Lettings Fund in partnership with homelessness charity St Mungo Broadway.

Councillor Alison Butler, deputy leader and cabinet member for homes, regeneration and planning, said: “One of our biggest challenges is providing more Croydon families in need with better-quality homes while managing with less money.

“So on top of creating our own development company bringing forward thousands of new-build properties, partnerships like this one are important to meet our housing supply needs.”

Arjan Dosanjh, Commercial Director of The Monarch Partnership, said: "We're proud to cooperate with Croydon Council and offer these 16 homes in support of the council's empty homes campaign. We look forward to continuing our collaboration on new projects to provide affordable housing as we kick off our own campaign. We invite other private companies to step up and do the same.”

The council is encouraging residents to report empty properties via the My Croydon app, on 020 8760 5470 or at www.croydon.gov.uk

Derelict properties turned into family homes

A council drive to turn derelict properties into homes for Croydon families has passed the 100 mark in one year.

In 2015, Croydon Council launched its empty homes campaign to identify, refurbish and rent out homes that had lain empty for more than year. 

The aim is to boost the rented sector in Croydon, help cut the number of families living in bed and breakfast accommodation and reduce the blight of empty homes on the borough’s local environment.

Since then, the council has got landlords to do up and re-let 108 flats and 29 houses to families needing temporary accommodation in the borough.

The latest properties to be reoccupied this month are 16 homes in south Croydon that had been empty until the council stepped in to revamp and re-let them with utilities consultancy and social landlord The Monarch Partnership.

The previously-derelict two-bedroom 1930s maisonettes in Haling Grove are now let by Monarch to the council so it can provide medium-term accommodation to families on the housing waiting list.

The 137 properties brought back into use so far under the empty homes programme range from a four-bedroom detached home in Purley that the council bought through a compulsory purchase order in March last year to sites in Waddon, Thornton Heath, Coulsdon and New Addington. The empty homes drive is part-funded by the Greater London Authority, which provides grants to councils that actively look to restore empty homes.

Other improvements in the last year to the council’s housing stock include converting Windsor House, a former office building in Norbury, into new medium-term temporary accommodation, as well as investing £30m in the Real Lettings Fund in partnership with homelessness charity St Mungo Broadway.

Councillor Alison Butler, deputy leader and cabinet member for homes, regeneration and planning, said: “One of our biggest challenges is providing more Croydon families in need with better-quality homes while managing with less money.

“So on top of creating our own development company bringing forward thousands of new-build properties, partnerships like this one are important to meet our housing supply needs.”

Arjan Dosanjh, Commercial Director of The Monarch Partnership, said: "We're proud to cooperate with Croydon Council and offer these 16 homes in support of the council's empty homes campaign. We look forward to continuing our collaboration on new projects to provide affordable housing as we kick off our own campaign. We invite other private companies to step up and do the same.”

The council is encouraging residents to report empty properties via the My Croydon app, on 020 8760 5470 or at www.croydon.gov.uk

Topping out ceremony is the cherry on the cake for Croydon

A topping out ceremony has been held to celebrate a key stage in the construction of the landmark Morello housing development at East Croydon.

The luxury scheme, which will transform the Addiscombe side of the town’s main transport hub into a vibrant, sustainable community, has been rapidly taking shape in recent months.

Aptly named after the stone fruit due to its location on Cherry Orchard Road, Morello is a joint initiative between regeneration specialists Menta and housebuilder Redrow, operating under the Menta Redrow banner.

Key dignitaries at the event included Craig Marks, chief executive of Menta who was joined by Keith Parrett, chief executive of Redrow Homes South East, Councillor Toni Letts from Croydon Council and Develop Croydon vice chair Katharine Glass who all gave speeches to recognise the highest point in the concrete frame of the Rainier building, at 20 floors the tallest phase in the first phase landmark collection.Mr Marks said:

“Menta has been at the forefront of forming a vision for the regenerated Croydon since our formation in 1990 and this a landmark moment not just for Morello but for bringing our vision which forms a key part of the East Croydon Masterplan to fruition.

“Morello is at the forefront of the exciting developments helping to transform Croydon’s fortunes and putting it back on the map as a desirable place to live.”

Mr Parrett added: “Morello brings much needed high-quality housing to the locality. The topping out ceremony marks a key stage in the build programme.

“With over 60 per cent of this first phase now sold, these stylish apartments are attracting interest from first-time buyers and young professionals, as well as investors looking for areas with potential for capital growth. Boasting a prime location in the town centre, right by East Croydon station, residents will benefit from fast, easy access into the capital.

“This dynamic building will be home to 112 one and two bedroom apartments, with many of the homes on the upper floors of this striking elevation enjoying views of famous London landmarks.

When complete, the first phase Morello development will offer 297 apartments spread across four dynamic buildings with more than half of the site dedicated to gardens, landscaping and public realm improvements, giving residents plentiful outside space to enjoy. Additionally Menta Redrow have funded the early delivery of over 30 new affordable homes at the adjacent Quest House in collaboration with Family Mosaic.

The development forms part of a wider £3billion regeneration scheme to revitalise the London Borough of Croydon, with Menta Redrow anticipating delivering over 800 new homes in total by 2020. Demolition work at the site began in February 2014 and the foundations for Rainier were laid in September 2014.

Councillor Letts, who performed the official topping out, said: “I remember this area when it was the Bank of America and I also remember meeting Craig many years ago and he had that glint in his eye when he talked about Menta and the possibilities of this site in Cherry Orchard Road.

"I can’t tell you how wonderful it is to be here today and see his and Redrow’s visions and his dreams come true. These buildings are going to become homes for people who want to buy, people who want shared ownership and people who want to rent they will be the most prestigious flats in Croydon.”

Morello will offer residents an array of onsite facilities including a residents’ gym, a concierge service and an underground car park. Attractive landscaped grounds also characterise the development with trees, benches, paths, and children’s play areas. Located just three minutes’ walk to East Croydon station, Morello is ideal for commuters with trains reaching London Victoria or London Bridge in 15 minutes.

The development aims to achieve Level 4 of the Code for Sustainable Homes and has a low emissions strategy.