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Wainbridge tops up in Croydon

By Paul Norman - Wednesday, July 18, 2012 13:40

Wainbridge Holdings, the Jersey-based property investment, development and asset manager, has leased over 45,000 sq ft of offices at its No. 1 Croydon development in a series of deals.

The lettings at the building, which has a headline rent of £21.50 per sq ft, represent over a quarter of the building.

Wainbridge has leased the space to HCL, AON, Pegasus Solutions, AIG and Dot Mailer all on minimum five-year terms.

Wainbridge bought the 160,000 sq ft, 23-storey office block in October 2010 on behalf of Wainbridge Global Opportunities London Limited, its debut value-add real estate fund. It has subsequently carried out a rebranding exercise to reduce the service charge cost yet maintain or increase the level of service provided.

Wainbridge said the results are “shown in the new lettings that have been agreed”.

Rob Rackind, principal and co-founder, Wainbridge Limited, said: “These lettings demonstrate the enduring appeal of this well-located, iconic building, as well as the refurbishment and improvements that we continue to make to the internal floor space, as it comes up for renewal. We also continue to believe in the medium to long term potential of Croydon as an office market and have further plans in place that we feel will create future rental growth.”

Andrew Willcock, associate director at Savills, added: “The influx of new tenants and lease re-gears at No. 1 Croydon highlights the quality of the building and the pro-active asset management implemented by Wainbridge since they acquired it. Croydon is London’s largest suburban office market with major occupiers including Direct Line Insurance, Chartis and Mondial. Located immediately opposite East Croydon station, No. 1 Croydon provides direct links to London Victoria, London Bridge and Gatwick Airport.”

There is 22,000 sq ft of office available to let at the building.

Savills, Stiles Harold Williams and CBRE act for Wainbridge.

pnorman@costar.co.uk