Ruskin Square
Stanhope and Schroders have reconfirmed today their commitment to the development of this important regeneration site adjacent to East Croydon station despite the difficulties in property markets.
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First phase of Ruskin Square in sight
Stanhope and Schroders have reconfirmed today their commitment to the development of this important regeneration site adjacent to East Croydon station despite the difficulties in property markets. Since winning the CPO inquiry they have been working in close partnership with the Council to ensure this can be achieved.
The first phase will include a single landmark world class office building fronting George Street, adjoining the entrance to East Croydon station, together with some associated café/retail accommodation. For the first time, Ruskin Square will be part of Croydon Council’s marketing initiative at MIPIM.
Stanhope and Schroders have formed a new partnership with Croydon Council and John Laing’s Urban Regeneration Vehicle creating a renewed focus on deliverable sites in order to kick-start the regeneration of Croydon. Ruskin Square fulfils this objective, having secured planning permission, vacant possession and is 100% owned by the Stanhope and Schroders’ Joint Venture which hopes to be starting on site within the next twelve months.
In response to current market conditions, it has been agreed with the Council that flexibility is key to the implementation of the masterplan. This is especially required in respect of the initial phase to meet the current demand for contemporary office accommodation from potential office occupiers, both from within and outside Croydon.
In addition, Stanhope and Schroders are working with the Council and Network Rail to accommodate future improvements to East Croydon station. This approach emphasises the need to be flexible in how the masterplan develops to ensure that the optimum solution is achieved. As the town regenerates there will be an increased focus on the central business district around the station because it is well connected, with a frequent service to London Victoria in 15 minutes and Gatwick only 15 minutes in the other direction.
A further initiative that is being discussed with Croydon Council is the potential for a private rented residential development to be incorporated into an early phase of Ruskin Square. This will assist in the delivery of a sizable number of residential units across all affordability ranges, especially with the backing of Schroders who are looking to spearhead institutional investment in such a product.
In the longer term, as market conditions improve, Stanhope and Schroders will proceed with the full masterplan for nearly 9 acres of new offices, housing, health, restaurant and cafes together with leisure space and extensive areas of new public realm.
Ian Mason, head of UK Property Fund Management at Schroders, said: “We believe that the successful marketing and completion of this first phase of Ruskin Square will be a catalyst for further regeneration on this site next to East Croydon Station and other regeneration schemes in the town. Stanhope and Schroders have a strong record of working together, with the financial backing of Schroders supporting the development expertise of Stanhope. We will bring this partnership approach to work with Croydon Council and John Laing to ensure that the future regeneration of Croydon is getting underway now.”
David Camp, Stanhope’s chief executive, said: “We are delighted that Croydon Council and John Laing are on board with our plans. Getting on with something on this site is an absolute priority for us and will be a real boost for the wider regeneration of Croydon. We are ready to go with the first phase of Ruskin Square and hope to be on site as soon as potential occupiers will allow us. We are committed to Croydon for the long term and to delivering world class architecture and a new cultural, social and commercial centre at Ruskin Square.”
Said cabinet member for regeneration and economic development, Councillor Steve O’Connell: “Croydon Council welcomes this timely contribution to the town’s continuing renewal. Developing Ruskin Square on this prominent gateway site alongside East Croydon station is a crucial component of our regeneration plans. It will provide an excellent opportunity for more businesses to relocate into custom-built accommodation, expressly designed to meet the demanding needs of commerce in the technology age. Newcomers will join an established, thriving business community with household names such as Nestle, BT and Mott MacDonald who have already recognised the benefits of a location in a proven growth area with rapidly improving infrastructure.”
There are limited opportunities in central London to find nearly 9 acres of cleared site in the heart of a thriving central business district that is ready to proceed with development. The economic case for new offices in this part of London is compelling, being priced very favourably when compared to other “new” mixed use London locations such as Paddington, Kings Cross, More London and Canary Wharf.
Croydon also has a range of house prices from affordable in the northern parts of the Borough to more desirable areas in the south of the Borough, close to the Surrey countryside. There is a range of good state and private schools, excellent shopping in the town centre as well as cultural facilities at Fairfield Halls and the Clocktower. Public transport is excellent with both Victoria and London Bridge only 15 minutes from East Croydon, and the tram connecting the town centre with Wimbledon and Beckenham.