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7 Altyre Rd, Croydon, Cr9 5Aa Croydon Park Hotel Croydon Park Hotel 7 ALTYRE RD, CROYDON, CR9 5AA CROYDON PARK HOTEL CROYDON PARK HOTEL EXECUTIVE SUMMARY Exceptional opportunity to purchase a prime freehold hotel in the centre of Croydon’s Commercial District. Substantial 137,000 sq. ft. full-service hotel with 211 guestrooms, car parking, food and beverage facilities, conferencing and event space and fitness and leisure facilities set on a1.54 acre site. The purpose-built Hotel opened in 1984 and was previously operated under an international hotel brand before operating independently until the hotel’s closure in 2020. Available with vacant possession, unencumbered by brand, franchise or management, providing optimal operational and development flexibility with substantial potential to increase value. Prime town centre location in the heart of Croydon in close proximity to East Croydon station, one of London’s busiest stations with 25 million passengers in 2019. Croydon has benefitted from significant recent investment and is set to benefit from further significant investment to regenerate the town centre. Croydon’s strategic position and excellent transport links make the town attractive to key corporate occupiers that have established Croydon as a premier business location in south London. Extensive asset management opportunities including: hotel repositioning; extension of the existing property; or redevelopment of the site to increase the massing and change of use (subject to obtaining the necessary planning and all other consents) to potentially superior alternative use values. The Hotel is situated in the Croydon Metropolitan Centre, the Croydon Opportunity Area and the ‘Edge Area’ for tall buildings, all of which are supportive in principle for additional massing on the site and for alternative uses, potentially unlocking more accretive development proposals. 2 3 CROYDON PARK HOTEL CROYDON PARK HOTEL Centrale Shopping Centre College Green Boxpark Croydon No.1 Croydon East Croydon Fairfield Halls Croydon College Whitgift Centre Ruskin Square Station 4 5 CROYDON PARK HOTEL CROYDON PARK HOTEL LOCATION CROYDON DEMAND DRIVERS Croydon Croydon Park Hotel is strategically positioned in Travel Time the heart of Croydon’s commercial centre in close Destination Corporate Occupier Market proximity to both East Croydon (300m) and West (From East Croydon) Croydon (1.2km) railway stations, where there is Clapham Junction 9 minutes Croydon has grown to be the largest office market in the South East outside of Central London, with major corporate occupiers such as HMRC, the Green Network Energy and a frequent service to London Bridge, London London Bridge 13 minutes Victoria and the London Underground Network, EDF Energy all relocating to Croydon in recent years. Over the past five years, Croydon Gatwick Airport 15 minutes as well as London Gatwick Airport and Brighton. has seen c. 1,000,000 sq. ft. of office take up, with notable pre-pandemic deals including London Victoria Station 15 minutes HMRC’s 180,000 sq. ft. tenancy of Building 1 at Ruskin Square and Regus UK’s 118,000 sq. Croydon is easily accessible by road with the M25 St Pancras International 30 minutes ft. occupation of The Lansdowne Building. Whilst the pandemic has caused a slowdown located 10 miles to the south via the M23, which in office take up, in April 2020 the under construction Buildings 2 and 3 at Ruskin Square provides direct access from Croydon to Central were pre-let to the Home Office. London to the north and Crawley and Brighton to the south. East Croydon Railway station is one of the busiest non-terminal stations in London and the UK as a whole and saw 25 million passengers passing Croydon has attracted a large number of leading multi-national companies in the finance, through the station in 2019. London’s Tram network is a major transport service in Croydon, connecting insurance and engineering sectors. The Public Sector also has a significant presence in the the town to Wimbledon in the west and Beckenham in the east. Both East Croydon and West Croydon town. In total, more than 9,000 businesses have chosen Croydon as their home, and the railway stations are on the tram network, which serves approximately 28 million passengers a year. town centre has over 5,600 people working in finance and insurance – the 5th largest cluster in London; and over 2,000 people in engineering – the 8th largest cluster in London. Croydon is located 18 miles north of London Gatwick Airport and can be accessed via train from East Croydon or via the M23. Gatwick is the UK’s second largest airport serving 228 destinations worldwide and over 46 million passengers in 2019. Education Croydon is home to a number of leading education institutions. Croydon College has over 13,000 students enrolled across three sub colleges; Croydon Sixth Form College, Croydon St Pancras International King’s Cross Skills and Enterprise College and the Croydon Higher Education College. Croydon is also home to a number of leading and prestigious independent schools including Whitgift Farringdon Victoria Blackfriars School, Trinity School and Old Palace School. In addition to this, the Brit School, a leading Clapham Waterloo Junction Canary facility for performing arts and technology, is located in the Selhurst area of Croydon, London Wharf Bridge whilst London Southbank University is due to open a campus in Croydon in 2022. 30 Retail & Leisure 15 M4 Wimbledon By way of town centre retail floor space, Croydon has one of the largest retail offerings of CROYDON M25 Heathrow M25 any London Borough, second only to the West End. Comprising 80 shipping containers, M3 New Addington Boxpark Croydon, which opened in phase one of the Ruskin Square development in 2016, 12 4 provides a number of food and beverage outlets and also doubles as a 20,000 sq. ft. events space. Croydon is also home to a Premier League football team, Crystal Palace Football M20 Club, who have been based in the borough since 1918, and play at Selhurst Park which has 5 M26 10 been the club’s home since 1924. M25 9 6 7 Rail London Overground M23 Croydon Tramlink Jubilee Line (Underground) Gatwick 9 Victoria Line (Underground) 6 7 CROYDON PARK HOTEL CROYDON PARK HOTEL CROYDON REGENERATION Croydon Town Centre Croydon is one of the UK’s best connected business hubs, being ideally located 15 minutes to both central London or Gatwick and 33 minutes to Canary Wharf. The borough also benefits from the capital’s Croydon is a growth borough and its town centre is a major hub both within the borough and London as only tram network. a whole. East Croydon station welcomes over 26,000 passengers daily and the Council have instigated significant investment, which will transform the centre and create a desirable destination to live, There are 1 million economically active individuals within a 30 minute commute of Croydon. Having work and socialise. been identified as a Growth Zone, it is well on its way to transforming into the “Economic Powerhouse of South London”. This regeneration anticipates the creation of over 23,500 jobs and the local plan sets an ambitious target of nearly 33,000 new homes to be built across the borough by 2036, with over a third of these The Purley Way regeneration plans are set to transform the 32 million sq ft of industrial and employment set to be developed in the town centre. floorspace into an attractive and environmentally friendly location, so that businesses can operate in a more efficient and effective way. Fairfield Masterplan • 8 acre site in Croydon Town Centre • The £1 billion development will create 2,000 new homes over the next 15 years. • This mixed-use development will transform the area into the cultural and educational heart of Croydon. • The hybrid planning application was approved in April 2017 and will be developed across a number of phases. 8 9 CROYDON PARK HOTEL CROYDON PARK HOTEL RESIDENTIAL SCHEMES Ten Degrees, CR0 1GP Queen’s Quarter (Taberner House) , CR9 3JS Queen’s Square, CR9 1NR • 546 residential units (437 Private BTR) • 513 units (251 Build to Rent & 262 Affordable Rental tenures) • 288 units (265 private units) • Developer: Greystar • Developer: Legal & General and HUB • Developer: R&F Group • 44 storeys • 35 storeys • 28 storeys • Completion: Q1 2021 • Completion: Autumn 2021 • Completion – Phase 1 scheduled for Q3 2022 Phase 2 Pre-Planning Morello Quarter, CR9 Leon House, CR0 9XT Admiral Court, CR0 4HB • 297 units • 263 units • 65 units (42 private units) • Developer: • Developer: FI Real Estate • Developer: Orbit Homes • 19 storeys • 20 storeys • 10 storeys • Completion – Q4 2014 • Completion: Q3 2018 • Completion – Q4 2019 10 11 CROYDONCROYDON PARK PARK HOTEL HOTEL CROYDON PARK HOTEL CROYDON TRANSPORT LINKS AND DEMAND DRIVERS MAP A222 EDF Energy and Siemens West Croydon AECOM Superdrug Cherry Orchard Road A236 Network Rail Site of Prince’s Picture House Whitgift HMRC Centre Solium Capital East Corydon Medical Centre Centrale Shopping Centre A212 East Croydon AIG Atkins Wandle Park Ministry of Justice Boxpark Croydon College A232 Fairfield Croydon The Queen’s Gardens Crown Court Gardens Barclay Road The Tudor Arch Museum of St John’s Gateway Croydon Park Hill Park Direct Wrencote Line House 12 13 A232 CROYDON PARK HOTEL CROYDON PARK HOTEL Area Schedule PROPERTY Floor Use GIA (sq. ft.) GIA (sq. m) BASEMENT Parking*/Plant 7,877 731.8 Accommodation, Food & DESCRIPTION GROUND Beverage, Conferencing 36,176 3,360.9 Facilities, Leisure FIRST Accommodation 15,540 1,443.7 Croydon Park Hotel is a large purpose built full-service hotel that opened in SECOND Accommodation 15,540 1,443.7 1984. The property was originally operated under an international hotel brand THIRD Accommodation 15,540 1,443.7 before being operated independently. FOURTH Accommodation 15,540 1,443.7 In March 2020 the hotel closed as a result of the Covid-19 pandemic, and at a FIFTH Accommodation 15,540 1,443.7 board meeting in June 2020 the previous tenant resolved to place the company ROOF Plant 15,574 1,446.9 into administration and subsequently surrendered its lease.
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