Croydon’s tallest building lands biggest deal

Princeton Investments and Patron Capital, advised by joint letting agents Savills and Stiles Harold Williams, have completed the largest office letting in Croydon in recent years at No. 1 Croydon, 12-16 Addiscombe Road, Croydon.

This latest letting at the property is to Atkins, international leading provider of professional, technologically-based consultancy and support services. The new tenant has taken the 13th, 14th, 15th and half of the 16th floors comprising 26,484 sq ft (2,460 sq m), on a 10-year lease, at a rent of £18 per sq ft (£194 per sq m).

Simon Glenn of Savills, joint letting agent for the scheme, comments: “The latest transaction represents one of the largest lettings in Croydon in the last few years. In 2006, we witnessed a great volume of activity at newly refurbished No. 1 Croydon; including lease renewals and lettings, over 75,000 sq ft has been let to five tenants. Several other floors are under offer and only 25,343 sq ft now remains available at the building”.

No 1 Croydon, formerly known as the NLA Tower, is a 23-storey landmark office building. It was purchased in July 2005 as part of a £100m office portfolio from Delek Real Estate, an Israeli conglomerate, which has retained a 45% stake in the portfolio.

A refurbishment programme costing over £3.5 million has recently completed, including six-month exterior cleaning project and the comprehensive refurbishment of 74,543 sq ft (6,925 sq m) of high spec office accommodation. Other tenants at the building include Liberata, AIG, Pegasus and Institute of Public Finance. Atkins was represented by Lambert Smith Hampton.