Hermes Investment Management, the £33.6 billion manager, advised jointly by Savills and SHW, has agreed new leases on nearly 20,000 sq ft (1,858 sq m) of office space at One Croydon since the summer of 2017.
Switch Communications and Dotmailer have agreed to remain in the building, occupying 3,686 sq ft (342 sq m) and 7,532 sq ft (700 sq m) respectively.
More recently, Collins Construction has expanded into the remaining half of the 17th floor, acquiring an additional 3,791 sq ft (352 sq m) and committing to a new 10-year lease. The Gym Group has also acquired the remaining 1,688 sq ft (156 sq m) on the fifth floor, committing to a new five-year lease. Subsequently, Ideal Wines has just completed on 1,066 sq ft (99 sq m) on part of the 16th floor.
Sebastian Hayes, Asset Manager at Hermes Investment Management, said: “One Croydon remains an appealing location for businesses in Central Croydon. Competitive rents, enviable transport links and the amenities offered both within the building and the surrounding area remain an attractive combination for both new and existing occupiers.”
Andrew Willcock, Director in the south east office agency team at Savills, comments: “These latest deals are testament to the strength of One Croydon, as occupiers remain committed to staying in the iconic building, as well as continuing to attract new businesses. Situated adjacent to East Croydon station and the fantastic food and beverage offer at Box Park, the property is popular with firms looking to take advantage of both the strong amenities on offer and the good- quality, affordable office space available. We anticipate rental levels to continue to increase in light of the constrained supply and the ongoing attractiveness of Croydon as a highly connected office location.”
Neil Barker, Partner in the SHW Surrey, South London and Kent office agency team, comments: “Hermes has invested significantly in the building with a comprehensive refurbishment of the reception, lifts, common parts and office floors providing high- quality, cost- effective space. This, in conjunction with the benefits of Croydon as a commercial location, has led to a number of transactions being concluded.”
There are a range of suites available in size from 1,000 sq ft (92 sq m) up to two whole contiguous floors of 15,000 sq ft (1,393 sq m), at a quoting rent of £29.50 per sq ft (£317 per sq m).
