The new buyers of two government offices have said they intend to maximise the development potential of the site in the heart of Croydon.
Singapore-based developer Hung Ho Land has bouhgt both Apollo House and Lunar House, which span a combined 441,797 sq ft, from Harel Insurance in a £99million deal.
The buyers are guaranteed income with the government government letting out both buildings – in two separate leases – until June 23.
However Hung Ho with the 19,100sq m site currently under-developed – and having been designated as an area of high density in the Croydon Local Plan – there is scope for a major refurbishment or redevelopment in the future.
Chua Thian Poh, chairman and chief executive of Ho Bee Land, said: "This acquisition is unique as it offers us recurrent income till 2023.
"In the interim, it allows us ample time to plan and maximise the development potential of the site.
"This is Ho Bee’s third major office acquisition this year and its sixth office building in London. The acquisition increases our investments in UK to about £600 million in the last three years and reflects our confidence in London’s commercial market.”