This post was first published by Croydon Advertiser on 21/08/2017.
The Croydon building which has just been sold for £71.5 million
The huge Interchange building, on the corner of Wellesley Road and Station Road, in West Croydon, has been sold for £71.5 million.
The nine-storey building, which currently has three vacant floors and rented office space on the other floors, has been purchased by CCP5 and Tristan Capital Partners.
The new owners say they were attracted to the fact that Croydon is becoming a sought-after alternative to central London for businesses, as well as to Interchange’s location near West Croydon’s train and bus stations.
Global investment manager CarVal Investors and development manager Canmoor spent £15 million renovating the 180,000 square foot former BT offices in 2014 after acquiring the building in 2013.
It is currently home to offices of eight companies including EDF, Siemens and Vitality Health.
The new owner will not be moving any of the current companies out, but may choose to change rental rates.
Peter Mather, managing director of investments at Tristan Capital Partners, said: “This acquisition allows us to capitalise on Croydon’s emergence as a low-cost, high amenity alternative to London’s core office locations.
“The recently refurbished Interchange building is currently the only office located in Croydon offering 10,000 square foot plus Grade A space and is in a prominent location with excellent transport links.”
Jody Gunderson, managing principal at CarVal Investors, added: “We are very pleased with the successful completion of this transaction.
“The property was acquired when there was almost no quality office space in Croydon and after a comprehensive refurbishment to Grade A, it was leased to a strong mix of tenants.”