At the public meeting I recently held on the regeneration of Croydon town centre, a number of participants were concerned about the amount of empty office space in the town. They feared that there isn't a market for new high quality office space in the town. I recently found out some news that should help to allay some of those fears.
In 2012 alone, the managers of one of Croydon’s most iconic buildings were able to secure tenants for more than a quarter of the site - a huge achievement.
No.1 Croydon, also known as the ‘50p building’, is right next to East Croydon station and was taken over by Wainbridge Holdings Ltd, in 2010. They’re based in Jersey and specialise in property development and asset management. This year alone they've agreed five new lettings taking up more than 45,000 sq ft of space. The new tenants include HCL Aon, Pegasus Solutions, AIG and Dot Mailer, all on minimum five-year leases.
There is still 22,000 sq ft of the 160,000 sq ft of office space still available, but this news demonstrates that businesses have confidence in what Croydon has to offer.
Rob Racking, the head of Wainbridge Limited sums it up perfectly: “These lettings demonstrate the enduring appeal of this well-located, iconic building, as well as the refurbishment and improvements that we continue to make to the internal floor space, as it comes up for renewal. We continue to believe in the medium to long term potential of Croydon as an office market and have further plans in place that we feel will create future rental growth.”