The electricity supplier, Green Network Energy, will be expanding and moving its offices from Paternoster Square to Croydon’s Renaissance.
The Italian energy company has done a deal with M&G Real Estate to take around 28,000 sq ft at the Renaissance office block, bringing the building to 100% let.
The company, which became an electricity and gas supplier in the UK in 2016, is seeking to significantly expand its business capacity. Its decision to move to Croydon demonstrates the pull of the south London town, which benefits from good transport links and far cheaper rents than central London.
“I think we will see more and more of these deals where an occupier moves out of central London to Croydon,” said one agent.
“Croydon is less than 10 minutes away from central London and it’s significantly cheaper. Prime rents in Croydon are around £35/sq ft – half the cost of the City. It’s a bargain.”
The five-storey Renaissance, developed in 2013 by Abstract Securities, has 100,000 sq ft of grade A office space and is next to East Croydon Station, opposite Ruskin Square and BoxPark.
The building’s other occupiers are Mott MacDonald, the Pension Protection Fund and software company Solium.
Croydon is one of the most accessible locations in Greater London and the South East. East Croydon train station provides fast regular services to London Bridge, Victoria, Gatwick Airport and the South Coast.
Knight Frank and Sinclair Clark are leasing agents at Renaissance. London Property Partners advised Green Network Energy.
Source: Property Week