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The Interchange building at 81-85 Station Road, Croydon, has been sold for £71.5 million to Tristan Capital Partners, which represents a net internal yield of 6.25%. The previous owners were a fund advised by CarVal Investors, who comprehensively refurbished the building in 2014 in order to attract tenants with strong covenants at better rents.
Interchange currently has 55,164 sq ft of vacant space across the first, second and third floors, and the building is multi-let to several tenants such as EDF Energy, Siemens, Vitality Health and Ramsey Health. The remaining available space is on the market for £31.50 per sq ft, with the latest deal being Ramsey Healthcare who signed a lease until April 2032 at £28.00 per sq ft, back in October 2016.
Eugene O’Sullivan, Director and Surveyor at Morgan Pryce, states; “The lower cost of offices in Croydon, as well as the strong rents and demand will lead to strong yields you will struggle to find in central London. Interchange is the only grade A office space offering floors of over 10,000 sq ft in Croydon, and therefore would make a strong purchase, especially given the prime location near the station.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.