Croydon is developing a mature property structure with healthy supply and demand for both residential and office space.
With top-end office rents have risen from £20.50 to £28.50 per sq ft in the last two years, consultants Stiles Harold Williams are reporting buoyant demand for offices in the town centre.
This in part is a result of about 1.5million sq ft of commercial space having been lost since permitted development rights were introduced in March 2013.
The granting of an Article 4 direction means the remaining office stock in Croydon is not eligible for permitted development, but buildings already granted permission for apartments have achieved good prices at market, such as the sale this month of Emerald House in Landsdowne Road.
Despite the legislation there are currently in excess of 3,500 residential units being built in Croydon alone to service pent-up demand in Greater London.
Stiles Harold Williams are also Planning Consultants for Boxpark Croydon, a contemporary 80-unit food and drink-focussed mall set to open in summer 2016.
Ian Coomber, partner and head of the planning consultancy said: “Boxpark introduces a fashionable new feel to retail and will be an immense success benefitting the local economy and enhancing the offer of East Croydon Station with its many commuters”
Neil Barker, partner for Stiles Harold Williams said of the findings: “These factors put the borough in a good place. We are heading for a ‘Mars’ property scenario – where conditions are right for many people to be able to work, rest and play.”