Croydon has been identified as one of the main submarkets to watch in a report by BNP Paribas.
Daniel Bayley, head of the central London office agency said that while the City and West End remain the power players, Croydon is leading the sub-markets forging their own identity in the capital.
He wrote: “When London Mayor Sadiq Khan recently said ‘Croydon is one of the hidden gems of our great city’ it was a statement hard to imagine being uttered six years ago when riots left the town ablaze.
“Now, inward investment partnership Develop Croydon has identified 56 schemes that are transforming the town, among them the £1.4bn regeneration of the Whitgift shopping centre. “Croydon’s retail offer will be further bolstered by the arrival of Westfield, and the recently-opened Boxpark pop-up mall has created a leisure destination with independent street food retailers side by side with global brands.
“HMRC agreed a 25-year lease at a record rent of £34 per square foot last year, bringing 2,500 jobs, but a lack of office supply means further growth remains a genuine prospect.
“Just 16 minutes journey from Victoria, and roughly halfway between Central London and Gatwick, Croydon represents a compelling offer for internationally-minded, cost-conscious occupiers.
“Meanwhile the £30m makeover of Croydon’s Fairfield Halls – which will see the 1960s theatre become a state-of-the-art performance venue – is well underway.”
The other areas identified by Daniel in his report were Paddington (City of Westminster), Stratford (Newham), Nine Elms (Wandsworth) plus White City and Old Oak Common (Hammersmith and Fulham) and the regions outside London.
For his full article, which originally appeared in Estates Gazette’s Investor Guide, click here