EDF Energy looks set to take a quarter of the state-of-the-art Interchange offices in a massive coup for Croydon.
The energy giant will make the move from Central London, moving 15 minutes down the train line from Cardinal Place at Victoria.
Such a big name endorses the faith in the town shown by global investment manager CarVal Investors and development manager Canmoor who spent £15million to renovate the nine-storey 180,000 sq ft former BT offices.
The stunning reception area at Interchange
EDF are understood to be paying a market-beating £25 per sq ft for the offices, underlining the unbeatable value of the Grade A office space which exists in Croydon.
CarVal Investors and Canmoor completed a comprehensive refurbishment of Interchange after acquiring the building with vacant possession in 2013, creating spacious floorplates and a stunning atrium which provides an imposing entrance into the building, to go alongside 450 car parking spaces.
The development will further lift the Croydon office market as the town’s largest speculative office development for more than 20 years begins to lease up.
Telecommunications group JT Global made the move from the City of London earlier this year in taking 4,000 sq ft on the ground floor.j
Other tenants at Interchange are IT firm Selection Services, which has transferred its operations from Bromley to take 12,000 sq ft on the ground floor, and construction services group Carillion Construction, which has leased just under 11,000 sq ft on the fifth floor.
Interchange forms part of a huge regeneration programme taking place near to West Croydon railway station and tram stop where Croydon Council is currently carrying out substantial infrastructure improvements including a complete redevelopment of West Croydon bus station, which is due to reopen next year.
It lies opposite Saffron Square, a development of almost 800 high-specification apartments by Berkeley Homes which fully sold out well ahead of the imminent completion of a 43-storey residential tower.
Interchange’s neighbours also include Delta Point which is being transformed into 404 flats by Criterion Capital.
Vanessa Clark, founder of Croydon-based consultant surveyors Sinclair Clark, said: “The current spate of lettings at Interchange illustrates the strength of the office market. Given that some of these tenants are new to Croydon it demonstrates that the message is getting through to the wider market and endorses the investment Canmoor and CarVal have made.”
With construction progressing at Ruskin Square and the CPO for Westfield and Hammerson having been confirmed, investment in the town continues apace.
Brockton Capital are reportedly on the brink of finalising a £100m deal to acquire Apollo House and neighbouring Lunar House, adding to new investment in the town by the likes of Hermes, LaSalle Investment Management and Mayfair Capital.