Wainbridge lets over a quarter of No. 1 Croydon
Wainbridge, a Jersey-based property investment, development and asset manager, has so far this year secured lettings on over 45,000 sq ft of space at No. 1 Croydon, one of South London’s most iconic office buildings, representing over a quarter of the building.
With a headline rent of GBP21.50 per sq ft, recent deals at the building include lettings secured in quick succession to HCL, AON, Pegasus Solutions, AIG and Dot Mailer all on minimum five year terms.
The building provides over 160,000 sq ft of office space across 23 storeys.
The asset was acquired on behalf of Wainbridge Global Opportunities London, Wainbridge’s debut value-add real estate fund, in October 2010 and has undergone an extensive rebranding exercise to reduce the service charge cost yet maintain or increase the level of service provided.
Rob Rackind, principal and co-founder, Wainbridge, says: “These lettings demonstrate the enduring appeal of this well-located, iconic building, as well as the refurbishment and improvements that we continue to make to the internal floor space, as it comes up for renewal. We also continue to believe in the medium to long term potential of Croydon as an office market and have further plans in place that we feel will create future rental growth.”
Andrew Willcock, associate director at Savills, adds: “The influx of new tenants and lease re-gears at No. 1 Croydon highlights the quality of the building and the pro-active asset management implemented by Wainbridge since they acquired it. Croydon is London’s largest suburban office market with major occupiers including Direct Line Insurance, Chartis and Mondial. Located immediately opposite East Croydon station, No. 1 Croydon provides direct links to London Victoria, London Bridge and Gatwick Airport.”
22,000 sq ft of office space remains available to let at the building.
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