Legal & General Property (LGP/the Company) announces, on behalf of its UK Property Income Fund (the Fund/UK PIF), that it has received a resolution to grant planning permission from the London Borough of Croydon's planning committee for St George's House, Park Lane in East Croydon.
The refurbishment of St George's House will create a unique, high quality residential address and an enhanced public realm in Croydon town center. The use of the building will be changed from office space to residential use, providing approximately 288 new homes, including 23 affordable housing units, with community and retail uses at ground level and roof top garden space for residents.
The scheme will deliver a new iconic feature for Croydon's skyline by introducing a 'stepping' effect to vary the height of the tower blocks, whilst different architectural treatments will be used to soften the aesthetic appearance of the building. Ranging in size, all the apartments will have a balcony and access to the rooftop garden space, and will provide sophisticated living space in a key location for commuters, families and young professionals.
Charlie Walker, Director at Legal & General Property, commented: "Last night's decision marks an important step forward for Croydon and is a strong testament to the hard work we have put in over the past year to ensuring that our proposals not only complement the existing qualities of the borough, but contribute to its wider regeneration, enhancing its position as a desirable residential location.
"We believe that not only will this scheme deliver much needed high quality residential accommodation to the very center of town, but should bring a new lease of life to the area by significantly improving the public realm, creating a more accessible and attractive civic space for residents and visitors to enjoy."
Councillor Jason Perry, Cabinet member for planning, regeneration and transport, said: "This exciting plan matches the council's vision for transforming the town center into a place to live as well to work, shop and socialise. It is a significant leap forward in the council's strategy for regenerating the town center, refreshing its 1960s streetscape and boosting the economic growth of the borough. "Legal and General and our planners have worked extremely hard and efficiently to bring this from proposal to approval in just a few months. It's proof that Croydon is a place to do business."
CBRE is acting as LGP's adviser on the scheme.
Source: Legal & General