Croydon is developing a mature property structure with healthy supply and demand for both residential and office space, according to new research by consultants Stiles Harold Williams.
Top-end office rents on existing stock have risen by a third in the last two years (from £20.50 to £28.50 per sq ft), and there is buoyant demand for offices in the town centre, which has lost approximately 1.5million sq ft of commercial space since Permitted Development Rights for residential conversion were introduced in March 2013.
The race to convert has been stemmed by the granting of an Article 4 Direction – but buildings already granted permission for apartments have achieved good prices at market, such as the sale this month of Emerald House, Landsdowne Rd. Despite the legislation there are currently in excess of 3,500 residential units being built 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 coalesce to 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.”
