Croydon

Investment prospectus london

2 CGI: Croydon Metropolitan Centre So many compelling reasons to invest in Croydon…

Just 16 minutes to Central London – every five minutes

Only 14 minutes to Gatwick International Airport

Competitive, low operating costs

A richly diverse retail and restaurant offer

A talented workforce with skills and education above the national average

Delivery of large-scale infrastructure projects is already underway

...Croydon is very much ready for business

3

Croydon london The best connections in south-east England

It’s the most connected urban centre in south-east England. Fast and frequent transport links connect Croydon to the capital, the coast, the countryside, and the airports.

Croydon enjoys a prime location - just 10 miles south of Central London, but bordering the North Downs, one of the most-loved rural landscapes in England.

Croydon’s superb transport links to key destinations in London and the South East make it a thriving commercial and retail hub. Rail links between East Croydon and Central London are fast – only 16 minutes to London Victoria; 12 minutes to London Bridge. Gatwick International Airport is just 14 minutes away.

There are more than 10 direct trains an hour between East Croydon and London Victoria, London Kings Cross and London Bridge. There are eight trains every hour to and Brighton.

“Our Croydon office plays a pivotal role as we continue our work in and around London and the South-East. Being located right next to means all 180 of our Croydon based staff can commute to and from the office using the area’s efficient public transport.”

Dr. Ben Dunlop, Rail Solutions Director – East, Atkins

4

Luton Airport 64

Stratford 37

King’s Cross & St Pancras 31 Liverpool Street 24 Waterloo 20 Canary Wharf 26 Paddington 39 City Airport 42 Heathrow 62 Victoria 16 London Bridge 12 Clapham Junction 9 Croydon

Redhill 20

Gatwick 14 East Grinstead 26

Crawley 24

Brighton 33

Uniquely, Croydon integrates all modes of public transport Travel time in minutes from Croydon - rail, tube, bus and tram. is the UK’s largest tram •Source: www.tfl.gov.uk network, carrying 28 million passengers, while East Croydon is the UK’s second-busiest rail interchange. Croydon can be reached using ’s popular , which allows cost-effective and easy travel.

Luton STANSTED

GREATER LONDON CITY

HEATHROW

CROYDON

GATWICK

strategic location 5 Croydon london Delivery of large-scale infrastructure projects is already underway

Vital funding is bringing plans to life. Construction work is already underway on many development projects in one of the UK’s biggest and most exciting town centre regeneration programmes.

Croydon is undergoing massive change The Croydon Council Urban Five masterplans are now knitted together into a single Regeneration Vehicle (CCURV) dynamic vision, making Croydon a genuine market opportunity for investment. • An innovative public-private joint venture Seven sites are already under construction in the town investment vehicle formed by Croydon Council centre; a further 13 sites have planning approval; 12 more and John Laing are in pre-planning. Over five million sq ft of development • Delivering £450m of regeneration on four key is proposed, including thousands of new homes. sites in Croydon’s town centre And thanks to a unique partnership between the Council • An efficient vehicle to advance existing and emerging and developers, regeneration is happening despite development opportunities, with a strategic influence the recession. to maximise regeneration benefits.

East Croydon station – , Berkeley new bridge & upgraded Homes – 754 residential concourse – under units under construction 2012 construction 2013

‘Legible London’ 6 new trams on Wellesley Road – 2 new pedestrian wayfinding network - 25% surface level crossings system in Croydon’s increase in capacity connecting stations to town centre core retail area

6 Funding from the Mayor of London Coast to Capital – our first Local The Mayor of London has announced a £23m Enterprise Partnership (LEP) regeneration fund for Croydon. £18m of this is intended to transform the public realm Croydon Council is working jointly with in and around the town centre, including: County Council, West Sussex County Council, • Better signposting and a better welcome on Brighton and Hove Council and the Gatwick entering central Croydon Diamond to capitalise on the major business centres • Improving shop fronts and bringing in new retailers of Gatwick, Brighton and Croydon - an area with a business community of 79,000 firms and some • ‘Connected Croydon’ making it easier to travel 721,000 jobs. between key destinations in the centre. Coast to Capital has two top priorities: Funding available directly to investors • Increase significantly the number of firms that £5m of the regeneration fund is earmarked for trade internationally business support. • Increase the levels of enterprise and business Croydon has proposed a twofold approach in order to formation. stimulate the business base: Croydon is also contributing to the development • Funding for commercial property owners of the London-wide LEP. to refurbish office buildings and improve environmental performance • Incentives for businesses to locate within designated zones. “Croydon has provided us with the In addition, developers can apply for loans through advantage of a being within a vibrant the Growing Places fund. This is administered by the insurance market. Croydon has Coast to Capital LEP to kick-start stalled schemes. excellent transport links to London Additional business support and the whole of the South, in Using European funding, Croydon Council provides particular the City which allows us many business support programmes to: improve supply to gain more access to our key broker chain and procurement, to increase the contracts partners, further cementing existing won locally; establish trade links and export routes; relationships and forging new ones.” obtain business finance to pursue growth plans; and reduce energy waste by improved environmental James Roberts, Head Broker Market – performance. South Zurich Insurance Plc

Upgrade of retail Bernard Weatherill core (North & House (civic offices) South End) complete 2013 2014 2015 2016 2017

East Croydon station – construction of new public square begins – major station upgrade

delivery timeline 7 Croydon london A prime office location in London

More than 9,000 businesses choose Croydon as their home. Businesses come in all shapes and sizes, but with big commercial offices come big employers.

Businesses are here in numbers One of the capital’s most important Many blue-chip organisations locate their office hubs headquarters in Croydon. In particular, Croydon has Croydon has the largest office market in the south-east a large number of leading multinational companies outside central London, with an office stock of 7.9m in the finance, insurance and engineering sectors. sq ft. A diverse range of offices is available to meet The public sector has a significant presence here too. differing occupier requirements, from low budget to the best refurbishments, as well as a consented Over 1,500 different businesses are found in the pipeline of projects. Business Improvement District (BID) alone. The office stock is clustered around East Croydon The low operating base has engendered the loyalty station and West Croydon station, and the roads of key occupiers. In the last eighteen months alone, between them. lease renewals have accounted for one million sq ft of retained office space. Competitive, low office costs Office rents are considerably lower than in central London – about half the cost, or even less

Current rents vary from as low as £8 per sq ft up to £22 per sq ft for the best space.

Atkins Chartis/AIG Mondial Britiish Rail Residuary Board UKBA Bank of America Royal Sun Alliance Mott MacDonald NCP Mercer Liverpool Victoria Carillion Zurich SNC Lavalin Aecom

8 69 Park Lane interior

“Our business plan for investing in Croydon is simple: the public transport is excellent, it is part of Greater London, it has a large number of occupiers, it has a proactive and pragmatic local authority, it has huge retail potential and incumbent investors and developers that will make it happen. ”

Charles Walford, Director, Stanhope

Croydon – a low operating cost base University Centre Croydon With 370,000 people Croydon is the largest London borough by population. Around three million people is about to become known live within 10 miles. Wages are lower than in central as University Centre Croydon, building on its London but so too are other costs - the average partnership with the University of Sussex (one of house price is around £258,000 while an apartment the top ten universities in the UK). is typically £162,000. It’s a huge step forward for Croydon, meaning Croydon provides rapid access to the UK’s capital – local people can gain top-quality higher- but without the high costs of locating centrally. Yet level qualifications, in an increasing range of central London is just 16 minutes away by train. undergraduate and master’s degree courses, validated by the University of Sussex. And in their own town, at affordable fees.

Emerald House

occupier base 9 Croydon london When it comes to shopping Croydon has got the lot

Croydon is one of the leading shopping destinations in the UK, with a bustling High Street, managed shopping centres, and a major out-of-town retail park. It’s London’s biggest shopping experience outside the West End.

You won’t find one major shopping centre in Croydon – you’ll find two. Croydon’s prime retail pitch includes The and the largest managed shopping centre, . Hammerson has recently invested £100m in Centrale, and has a further £60m planned. There is also a planned refurbishment of the Whitgift Centre.

The modern town centre is vibrant and bustling. It’s complemented by , London’s eighth- largest single retail park on the edge of town, featuring many superstores and a wide range of entertainment and lifestyle activities.

Croydon Business Improvement District (BID)

The BID has already invested £7.5 million in a series of services and projects. BID’s priorities are to: 1. Improve safety and security and policing 2. Generate a positive image through awareness, promotions and events 3. Improve cleanliness 4. Introduce better signposting, information and way-finding, building on the success of the Croydon Visitor centre 5. Represent local businesses and address any issues.

10 Home to the leading brands Nine out of 10 of the UK’s top retail brands are represented in Croydon, including major retail outlets of John Lewis at Home, Debenhams, House of Fraser, Marks & Spencer and IKEA as well as a host of fashion shops. For the local workforce, it means one of London’s largest shopping experiences outside the West End is right on their doorstep. “Croydon has one of the Croydon boasts London’s largest concentration of hotel rooms outside and the West End, highest catchment spends including 12 leading hotels within easy reach of the town in the UK and Hammerson centre. A new Premier Inn is currently under construction. aims to bring in major A surprisingly diverse restaurant offer brands that are currently A staggering 800 restaurants, cafes and bars are found not represented in Croydon, in Croydon, which has a growing culinary reputation for quality as well as quantity. Michelin-listed restaurants creating a new prime pitch such as Le Cassoulet and Albert’s Table sit at the pinnacle, for the town’s retail.” most of the nation’s favourite chains and brands are here too, while a cursory look on Trip Advisor will reveal many David Ordman, Hammerson quirky, unique and enticing local restaurants that you won’t find anywhere else.

Local businesses lead the way The Croydon Business Improvement District (BID) is the second-largest business-led initiative in the country, representing nearly 600 companies. The BID is supporting the business community by improving the town centre and making it more welcoming to all who use it. The BID is a powerful voice for Croydon, and will play a key role in securing its future.

Key retail statistics:

• Croydon has 2.1 million sq ft of retail space

• A retail spend of more than £1 billion each year – the fourth largest in south-east England

• Footfall in the town centre increased to 2.4 million per month – up 6.3%, against a national 3.5% decline.

retail 11 Croydon london A great place to live is a great place to work

Good residential, educational and social amenities make for a happy workforce. And what Croydon has to offer may surprise you.

A city in the city Croydon is the capital’s largest town centre outside Croydon Council is planning for up to 8,000 new central London. Croydon offers vibrant urban living homes across the Opportunity Area. Saffron Square, to the north, and tranquil, affluent districts to the being developed by Berkeley Homes, is a major new south. The average house price is around £258,000, residential scheme of 755 units under construction in making local property affordable and considerably central Croydon. Barratt is building 700 apartments cheaper than in central London. in its ‘urban village’ at New South Quarter. Both are examples of contemporary projects designed to meet Residential developments in urban centres are the rising demand for modern urban living, now and increasingly important. People living there tend to be into the future. younger, more mobile, less reliant on company cars – and don’t want gardens. And not to forget, Croydon’s 800 restaurants, cafés and bars, and nine nightclubs, entertain 20,000 people each and every week.

Surrey Street Market A developing culture With the and Halls, Croydon is an important cultural centre for south London. Fairfield Hall houses an impressive 1,789- seat concert hall and the 763-seat . The UK’s longest-established chamber orchestra, The London Mozart Players, is resident there. Croydon also hosts jazz, food, fashion and Christmas festivals each year, attracting tens of thousands of people.

Croydon is home to Championship football team Crystal Palace, while the Crystal Palace National Sports Centre is also on its doorstep. For the army of amateurs who like to play sport, there are excellent facilities for football, fitness, hockey, tennis, bowls and much, much more. For golf alone, there are no fewer than seven quality courses around Croydon.

“Having been based in the town since 1980, we have strong roots in the community and enjoy the many facilities it has to offer.”

Serge Corel, CEO, Mondial Assistance UK

12 Living close to exceptional schools A city in the country People like to live where there are quality schools for Croydon is London’s greenest borough and has been their children. Many local secondary schools are rated as named ‘the UK’s greenest large city’. Green space covers ‘good’ or ‘outstanding’ by OFSTED, achieving tremendous one-third of Croydon, eight percent of it is woodland, examination results well above the national average. and there are no fewer than 127 parks and open spaces Croydon also has many top independent schools, including that the Council maintains. Whitgift, Trinity and Old Palace of John Whitgift. For those who like their green space more natural, within minutes you can escape to the countryside of Surrey and Sussex. Indeed, Croydon borders some of the UK’s most beautiful landscapes on the North Downs.

1. Windsor Castle One of the official residences of Her Majesty The Queen, 7. Epsom Downs the Castle’s dramatic Racecourse site encapsulates 900 years of British Best known for the history. Epsom Derby, Britain’s premier thoroughbred flat race for three-year- old colts and fillies. 2. Goodwood 1 4 Home to a range of activity including 5 the world famous 3 Goodwood Festival of Speed, Horse 7 racing and 8 motorsport.

2 6

3. The Addington Golf Club Ranked in Golf World’s Top 100 Courses in Great 5. Wentworth Golf Club Britain and Ireland, The Three premier 18-hole golf Addington is a hidden 4. Legoland courses and the headquarters gem of a golf course, just Unique family theme of the PGA European Tour. 10 minutes by tram from park of interactive rides, Croydon’s centre. live shows, building workshops, driving schools and attractions, 8. Box Hill based on the world- Unspoilt North Downs famous LEGO® brick. countryside in the Surrey Hills, an area of Outstanding Natural Beauty and ideal for walkers and cyclists.

6. Brighton beach One of the world’s top 10 city beach destinations and packed with many fabulous summer festivals. lifestyle 13 Croydon london Croydon is ready for Business

Croydon has always been open for business. An energised and focused inward investment management team is dedicated to making Croydon an enterprising zone by removing potential barriers to investment.

“We need new ways of building, as well as new ways of living. The town centre needs a quality facelift so that developers want to invest, employers want to locate and people want to live here.”

Councillor Jason Perry

14 Making it easier to invest The engine for this is the planning process. Croydon makes this as streamlined as possible to complete. • We have a well-defined pre-planning application process to ensure a cost-effective and accelerated outcome, minimising an applicant’s transaction costs • Access to the Strategic Planning Committee as part of Croydon’s Opportunity Area Planning the pre-application stage, allows developers to present Framework (OAPF) plans in advance of formal committee meetings. • Our planning approvals process is slick, with fast The Mayor of London has designated Croydon as turnaround times an Opportunity Area. In other words, Croydon is • A Masterplanning process for greater certainty in deemed to have the necessary infrastructure and future developments. transport links to accommodate substantial numbers of new jobs and homes. Transparency and early indication over A new Opportunity Area Planning Framework (OAPF) sets out some of the practical steps that infrastructure charges Croydon Council and the Greater London Authority The Community Infrastructure Levy (CIL) is a new intend to take, to turn into reality the plans to build a process that asks developments to make a modest, fixed new community and re-invent Croydon’s commercial contribution towards the additional infrastructure and and shopping heart over the next 20 years. amenities that are needed, and from which they will benefit. These include working closely with local residents, businesses, retailers, landowners and developers in It’s a much more transparent system of working out these a shared determination to grow the local economy, additional charges and will largely replace the current and provide the essential infrastructure to make it Section 106 process. all happen. Croydon has given an early indication of CIL charges so This not only means a significant number of quality that developers have greater certainty over what they residential and commercial buildings, but also the have to contribute, from the very start of the spaces in between – improved streets, a stronger development process. retail sector, better transport facilities, more green space and a smarter public realm. And there’s funding available to investors too - the new business support package offers potential funding to assist office refurbishment and business occupation within the Croydon New Town area.

Croydon’s systematic planning process

Engagement - Consultation - Publicity

Policy Advice Decision Delivery

Infrastucture Planning

Evidence: Research - Monitoring - Partnering

open for business 15 Croydon london

iii

Addiscombe Grove

5 ii

Chroma 6 7 3 8 4 32 2 East Croydon Station iv 10 1 Cherry Orchard Road 9 i

Ruskin Square 12 11

33

v 14 13 1 Lansdowne Road

15 vi 16 17

Saffron Square

18

19

West Croydon Station

1 Orchard House 12 24 69 Park Lane CROYDON COUNCIL URBAN 2 Simpson House 13 Sunley House 25 REGENERATION VEHICLE 3  Knollys House & 14 26 1 Edridge Road A College Green Stephenson House 15 5 Bedford Park 27 Impact House B Taberner House 4 Royal Mail 16 Exchange Court 28 Leon House C Fell Road 5 No. 1 Croydon 17 Trafalgar House 29 Suffolk House (Central One) D Tamworth Annex 6 AIG/Chartis House 18 Delta Point 30 Town Hall 7 Mondial House 19 Prospect First 31 Davis House 8 Chroma 100a George Street 20 St Matthews House 32 AMP House 9 Carolyn House & Philip House 21 Croydon College 33 Corinthian House 10 Southern House 22 11 Jury’s Inn 23 St George’s House

16 Croydon Town Centre - key buildings

B 28 24 25 23 26 22 20 21 27 vii C A 29 30 Bernard 31 Weatherill House

Whitgift centre

Centrale

D

West Croydon Station

Consented Schemes Developer USE SIZE SQ ft i * Stanhope/Schroder Mixed 956,000 & 625 units ii Chroma Terrace Hill Office 258,000 iii Grove Berwick Hill Office 40,000 iv Cherry Orchard Road Menta Office 71,000 v 1 Lansdowne Road Guildhouse Rosepride LLP Mixed 23,0000 & 397 units

UNDER CONSTRUCTION vi Saffron Square Berkeley Homes Residential 754 Units vii John Laing Office 240,000

Planning pipeline Centrale shopping centre Hammersons Retail redevelopment n/a Whitgift shopping centre Retail redevelopment n/a Station Road, Poplar Walk, West Croydon Residential Over 100 units 9-16 Dingwall Road Abstract Securities Office c.100,000 Taberner House, Park Lane CCURV Residential Over 200 units * Agreed by planning committee, full planning permission subject to GLA agreement. development pipeline 17 Croydon london On site, on our way…

A mixed-use development to transform the view of Croydon

Ruskin Square and East Croydon station Overview: Stanhope’s plans for this major site adjacent to East Croydon station are substantial. Ruskin Square represents one of the biggest London developments outside the Olympic Park in east London. On the opposite side of the tracks Menta have planning consent to deliver and intregral part of the East Croydon master plan with a 54 storey residential block, hotel and offices.

Development: A major mixed-use scheme to include cafés, restaurants, a new theatre, new streets and a square. Five commercial buildings of between seven and 16 storeys will provide 100,000 sq m workspace for 8,000-10,000 people alongside 600 new homes. Flexible planning permission will allow for individual tenants’ requirements.

Enabling: This is a site with a complicated history. After all, it is Croydon’s largest development scheme. Both parties engaged early in the pre-planning application process, so councillors fully understood the scheme from the start. Without any surprises emerging throughout the process, the scheme was approved, in July 2011. Place making construction is due to start in 2012. CGI: Ruskin Square

“Croydon provides unsurpassed connectivity, has an excellent local labour force and a huge local catchment area. The total occupational costs for a company locating in Croydon will be compelling at a time when business is looking to its bottom line.”

Mark Glatman, Chief Executive, Abstract Securities

18 A towering, iconic residential development

Saffron Square Overview: Saffron Square will reach for the sky and change the face of Croydon as we know it. Stunning views across the Croydon skyline and beyond, and a highly contemporary specification, will define new standards of quality in Croydon.

Development: Berkeley Homes is a mixed use development which includes an iconic 45-storey tower and a new one-acre public space at Saffron Square in Central Croydon. The development will house shops, cafés, restaurants, a gym, and offices, together with 754 residential units ranging from one-bedroom apartments to luxury penthouses.

Enabling: Planning consent was awarded just as the economy turned down. This raised the real risk that the developer would not be able to start on site. To overcome this, Croydon Council led renegotiations of Section 106 payment terms (for infrastructure contributions) to allow construction to commence as planned. CGI: Saffron Square

A new public service delivery hub to drive regeneration of Mid Croydon

Bernard Weatherill House Overview: Croydon Council Urban Regeneration Vehicle (CCURV), the joint venture between John Laing plc and Croydon Council, is creating a modern, new public service delivery hub as it seeks to regenerate significant sites across the central Mid-Croydon area.

Development: Bernard Weatherill House is a key component of the £450m CCURV joint venture. It will provide a brand new 240,000 sq ft facility, housing the council offices and the borough’s other public agencies. The initial phase of development will also include 20,000 sq ft of retail space. Construction work is already underway and the development is scheduled for completion by Spring 2013.

Enabling: The planning application was submitted by CCUR V following early engagement with the Planning Committee as part of the pre-planning stage With detailed discussions taking place from the outset, the application was turned around in just 12 weeks. CGI: Bernard Weatherill House

under construction 19 For further information please contact: Tony Antoniou Director of Regeneration & Economy Planning & Environment Croydon Council Taberner House Park Lane Croydon CR0 9JT ☎ 020 8760 5407 0 [email protected]

Bernard Weatherill House

This prospectus is believed to be correct at the date of publication, but its accuracy is in no way guaranteed. All rents and areas are approximate and all plans are for indicative purposes only and are not to scale. No part of this prospectus may be reproduced or transmitted in any form or by any means without the prior written consent of Croydon Council. February 2012.

Printed on sustainable, FSC sourced and part recycled paper.

Croydon Council gratefully acknowledges contribution from: Vanessa Clark, Sinclair Clark - Consultant Surveyors.