Archived news

LaSalle Investment Management, the leading global real estate investor, has sold Exchange Court, 3 Bedford Park, Croydon, on behalf of a fund for £5.7 million to AA Homes and Housing, a privately owned development company.

The building has achieved a new market high of £132 per square foot, as a result of LaSalle’s strategy to provide a well located opportunity for potential conversion to residential use in compliance with current legislation. The 43,224 square foot, eight-storey building was constructed in the 1980s and LaSalle has comprehensively refurbished its reception area and entrance hall to make it more welcoming for employees and visitors.

Prominently located in the centre of Croydon, Exchange Court is a five minute walk from East Croydon train station via the new concourse and bridge link, offering fast access to London Victoria, London Bridge and Gatwick Airport. It is also an eight minute walk from West Croydon, which provides access to the Tramlink and to the London Underground network through the East London line.

Gary Player, Head of London Business Space, LaSalle Investment Management, said:

“Exchange Court has set a new level in terms of price per square foot, which is indicative of the increasing strength of Croydon’s real estate market. We purchased two prime office assets, Carolyn House and Sunley House, earlier this year as we believe Croydon increasingly offers one of the more attractive investment propositions in Greater London.”

LaSalle was advised by Sinclair Clark; AA Homes and Housing was advised by Thomson, Snell and Passmore.

Urban&Civic plc, via its experienced leisure and retail subsidiary, Terrace Hill, has received provisional resolution to grant planning permission for a 99,659 sq ft foodstore and petrol filling station, along with 32,000 sq ft of industrial development at Altira Business Park in Herne Bay, Kent, from Canterbury City Council. Both the new superstore and petrol filling station are pre-let to Sainsbury’s. The intention is to speculatively develop 20,000 sq ft of industrial space ahead of the completion of the food store.

The planning application will now be referred to the Department of Communities and Local Government, following which the Local Authorities’ recommendations should be approved within 21 days. The consent is also subject to completion of Section 106 and 278 agreements. Following the receipt of full consent, the Group will either build the development itself or in joint venture with a partner. Works are expected to begin early next year with completion expected in early 2016.

Sinclair Clark advised both the landowner and developer Terrace Hill in the land acquisition and terms.

Abstract Group and MandG Investments have now fully let all the offices in their new 100,000 sq ft Croydon HQ building. Pensions Protection Fund occupy the 1st and 2nd floors at a rental of £22psf, Mott MacDonald have taken the 4th floor at £23.50 psf and Parabis Law have just taken the 3rd and ground floors at a rental of £23.50 psf. All of the leases are long leases without breaks. Sinclair Clark represented developers Abstract Group and MandG Investments along with joint agents Knight Frank.

At the recent OAS Awards 2014, Renaissance was awarded the Most Sustainable Achievement beating competition from four competing projects including the new Croydon Council Offices.

Acting on behalf of LaSalle, Sinclair Clark have advised on the sale of Exchange Court a 43,224 sq ft office building on Bedford Park. The building achieved £5.7m reflecting £ 132 per sq ft. The building has been bought by a well known local investor.

A celebration was held at the In and Out Club in St James on July 17th reflecting the 5th year anniversary of Sinclair Clark in the industry. The gathering including clients, friends and close family.

Acting on behalf of LaSalle investment Management, Sinclair Clark are appointed to advise on the upgrade and letting of Sunley House Croydon, the 110,000 sq ft office building was purchased by LaSalle at a price of £26m. It is intended to complete the refurbishment in hand and seek lettings of the remaining vacant space.

Sinclair Clark are retained to advise LaSalle Investment Management who have recently purchased Carolyn House in Croydon. The building now has part PDR consent and the intention is to seek vacant possession and convert to residential use. SC are now advising occupiers in the building along with joint agents SHW to agree alternative offices for each occupier.

The Terrace Hill scheme in George Street formerly with consent for 258,000 sq ft of offices has now won consent for a residential led scheme and has been sold to Fairfield Ltd. The new scheme will offer 305 units and retail at ground floor.

This is currently being updated and will be available shortly.