Renaissance Croydon
Renaissance in Croydon is the first of a new series of speculative office buildings to be developed and equity financed by Abstract and achieved Practical Completion on 4 November 2013.
Abstract’s perception is that occupiers are now looking for well-located new buildings at highly competitive rents, offering the highest environmental specification and no compromise on Grade A quality, but avoiding any signs of corporate excess. This is the philosophy that has been adopted by Abstract with Renaissance and other projects currently under development.
Prior to completion, the building was sold as an investment to M&G Real Estate, underlining Abstract's confidence in the Croydon market. The development is 40% let to the Pension Protection Fund and recently Mott MacDonald has leased the entire 4th floor of the building. There now remain only two floors, totalling 39,390 sq ft, available to lease.
Renaissance is 2 minutes’ walk from East Croydon station and in easy commuting distance to Central London (Victoria 16 minutes, London Bridge 11 minutes) as well as Gatwick Airport (15 minutes).
The building is one of the first BREEAM Excellent 2011 buildings to be delivered in the UK and has been priced to be more competitive than any new building within the M25, with rents from £22 per sq ft. Renaissance also offers huge flexibility with 20,000 sq ft floor plates, each capable of subdivision to accommodate up to 4 separate occupiers. A base build specification to accommodate 1 occupier per 8 sq m, and the reduced energy costs associated with extremely high standards of environmental efficiency, mean that the total cost per workstation will be significantly less than existing buildings. Tenants will be able to move to a brand new building and deliver operational savings which will immediately benefit bottom line profitability while improving staff productivity in high-quality office accommodation.
Abstract identified Croydon as an area where the fundamentals of location, accessibility and workforce were strong, but the cost of land had become disproportionately low, relative to less well-located parts of London. This faith in the location has been underpinned by the recent announcement by Westfield and Hammerson to commit circa £1 billion to a 2 million sq ft retail redevelopment of Croydon town centre within 2 minutes’ walk of the site which will be transformational to the wider occupier and investment prospects for this location.
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