CCP 5 LL, the long-life core plus fund advised by Tristan Capital Partners and Canmoor, advised jointly by Savills, DTRE and Knight Frank, have let the last remaining office space at Interchange, 81-85 Station Road in Croydon to Clarion Housing Group Ltd and Markel International Services Ltd.
Clarion Housing Group has agreed to a new 15-year lease for space totalling 36,654 sq ft (3,405 sq m) across the second and third floors of the nine storey building. The largest housing association in the UK will pay an annual rent of £31 per sq ft (£333 per sq m).
In addition, Markel International, the specialist insurer, has agreed to a new 10-year lease and will occupy 10,848 sq ft (1,007 sq m) on part of the fifth floor. There was healthy demand for this space, with a legal commitment from Markel International only two months after the Landlord obtained vacant possession due to Carillion entering into liquidation.
Jeremy Bullock, director at Tristan Capital Partners, comments: “Having owned this asset for just over a year we are delighted by the rapid lease up of the c.60,000 sq.ft of vacant accommodation we inherited at purchase. Dwindling Grade A stock in Croydon led to some competitive tension for the remaining floors and each letting has set a new headline rental tone for the building.”
Sam Walker, director at Canmoor, adds: ‘Interchange is the ideal location for both Clarion and Markel who were seeking best in class accommodation in a well located and thriving London sub market. We are delighted to achieve 100% occupancy and they will join a host of global businesses to include EDF, Siemens and Vitality already present in the building.’
Andrew Willcock, director in the south east office agency team at Savills, says: “The fact that Interchange is now fully let is testament to the appeal of the Croydon office market. The town continues to attract an array of occupiers looking to take advantage of the premium Grade A office space that remains available at a significant discount to central London despite being just 12 minutes away via public transport.’
Clarion Housing Group Ltd was advised by Carter Jonas and Markel International Services Ltd was advised by Knight Frank.