23
Aug
/

Interchange office building in Croydon sold for £71.5m

The recently-refurbished Interchange building in Croydon has been sold to Tristan Capital Partners and CCP5 for £71.5m.

The nine-storey former BT offices, home to Siemens, EDF Energy and Vitality Health, was transformed into Grade A office space by CarVal and Canmoor in 2014.

Peter Mather, managing director of investments at Tristan Capital Partners, said: “This acquisition allows us to capitalise on Croydon’s emergence as a low-cost, high amenity alternative to London’s core office locations.

“The recently refurbished Interchange building is currently the only office located in Croydon offering 10,000 sq-ft plus Grade A space in a prominent location with excellent transport links.”

CarVal Investors, a global investment manager, and development manager Canmoor spent £15m renovating the 180,000 sq-ft premises after acquiring the building for £10million in 2013.

The new owners of the Interchange property say the project was attractive due to the fact that Croydon is becoming a must-have alternative to Central London for businesses, and has good train and bus links.

Interchange currently has three vacant floors and rented office space

Jody Gunderson, managing principal at CarVal Investors, said: “We are pleased with the successful completion of this transaction.

“The property was acquired when there was almost no quality office space in Croydon and after a comprehensive refurbishment to Grade A, it [has been] leased to a strong mix of tenants.”