69 Park Lane - Hanover Green

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69 Park Lane Croydon, CR0 1JD

Size 82,977 sq ft - 82,977 sq ft

For Sale £18,750,000

Prime Town Centre Investment Opportunity

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Specification

Prominent 82,977 sq ft Grade A best-in-class office building.
Rent roll of £1,923,091 pa, once fully let this rises to over £3,000,000 pa.
All leases are post 2022 and thus tenants have right sized their occupational footprints.
Over £13m of Capex spent in the last 5 years on the building including new VRF, mechanical ventilation and new curtain walling.
WAULT is 8.3 years to expiries and 3.6 years to tenant break options.
89% of the income secured against Dun & Bradstreet Low Risk rated covenants.
Significant leasing momentum with over 35,000 sq ft let in the last 9 months, accounting for 53% of the Grade A market take-up in Croydon.

Property overview

69 Park Lane was constructed in the mid 1980’s and comprises 82,977 sq ft of best-in-class office accommodation arranged over ground and nine upper floors. The building has a concrete frame, glazed elevations with flat roofs and roof terraces on the 7th, 8th and 9th floors which benefit from views over central London. The property includes 20 residential apartments in the neighbouring St Crispin House, all of which are sold off on long leases.

In 2018 the vendor undertook a comprehensive refurbishment programme, which included £5.4m being spent on the entire office building being reclad included new glass units and components within the existing curtain wall. Further to this the central plant replaced, reception extension and gym, showers and changing facilities with a total capital expenditure in the region of £13m. The refurbishment also focused on sustainability, recycling around 87% of materials and improving the building’s energy performance to achieve a Grade B rating. resulting in 69 Park Lane being seen as best-in-class office building in Croydon.

Since the refurbishment programme was completed in 2021, national occupiers include NatWest, Janes Defence, AIG and AECOM have taken 45,000 sq ft with two local occupiers taking a further 9,500 sq ft, setting new headline rents in Croydon.

Croydon town centre is located approximately 10 miles south of central London. As one of London’s leading business, financial and cultural centres, it benefits from excellent communication links. It is the largest London Borough by population, with over 398,000 people residing within the area.

Croydon is a major office headquarter hub, with numerous major office occupiers including AECOM, AIG, Allianz, Mott MacDonald, Computershare, HMRC, IDE Group, JT Global, Pension Protection Fund, Ramsay Healthcare, Superdrug, The Home Office, The UK Border Agency, Towergate Insurance, Vitality Healthcare and Zurich all based in the town centre.

69 Park Lane is a prominent office building located on the corner of Park Lane which intersects into Wellesley Road, the main route through Croydon town centre, which is a c.5 minute walk to the north. Providing a wide range of facilities and amenities, including the popular Boxpark situated adjacent to East Croydon Station, Croydon is a busy metropolitan area. The high street provides access to a range of well-known brands and independent shops alongside F&B providers.