Legal & General Property ('LGP') has today unveiled its proposals for the refurbishment of St George's House, Park Lane in East Croydon, releasing the first images of plans for a high quality, residential scheme and an enhanced public realm in Croydon town centre.
The scheme is expected to include approx. 288 new homes providing a range of unit sizes and tenure types.
The proposed refurbishment would change the current use of St George's House from predominantly office floor space to residential use, with community and retail uses at ground level and gardens at roof top level for residents. It is expected to include approximately 288 new homes providing a range of unit sizes and tenure types. Space will be made available at ground floor level of the block fronting Park Street for a range of retail and community uses.
LGP's acquisition of St George's House forms part of a suite of deals that the Company negotiated on behalf of its UK Property Income Fund at the end of last year, enabling Nestlé's smooth transition to new grade-A office Headquarters at 1 City Place in Gatwick. Completed in quick succession of each other, these deals included the purchase of 1 City Place from RREEF for £39 million (approx. €48.4 million), the surrender of BT's lease on the property and simultaneous agreement of a new 20-year lease with Nestlé.
The new scheme is designed to add interest and variety to the Croydon skyline by introducing a 'stepping' effect to vary the height of the tower blocks. In addition, a range of architectural treatments are being considered to 'soften' the aesthetic appearance of the building.
The refurbishment would aim to rejuvenate the building, providing a sophisticated living and retail space in a key location for commuters, families and young professionals. The proposals have been developed to complement and enhance the existing qualities of the Borough and will contribute to the regeneration of East Croydon, making it a desirable residential location.
Charlie Walker, Fund Manager at Legal & General Property, comments: "Whilst Nestle is in the final stages of its occupation of the building, we have certainly been busy since the start of the year, creating a new chapter for St Georges House. Through these carefully designed plans, we aim to give this building a new lease of life, supporting the mid-Croydon masterplan and playing our part in bringing about the wider regeneration of Croydon town center."
Simon Wilkes, Head of business space development at Legal & General Property, adds: "The proposals for St George's House are designed to bring much needed high quality residential accommodation to the center of Croydon. The investment will also see a significant improvement in the public realm to create a more accessible and attractive civic space for residents and visitors to enjoy. This is an important step forward for Croydon and one which will significantly benefit the wider regeneration of the Borough."
A public exhibition is being held in the foyer at Fairfield Halls, Park Lane, today and tomorrow (14-15 Septembe