Stanhope and Schroder UK Real Estate Fund have secured a major pre-let with the Government Property Agency for a new government hub in Croydon for the Home Office.
Following a 25-year lease being agreed at Two Ruskin Square, a new 330,000 sq ft building, planning permission has been granted for work that will combine the second and third commercial buildings within the scheme’s previous pipeline, due to the scale of space sought by the tenant. Work is anticipated to start on site this year, with a Cat A practical completion target of late 2023.
Two Ruskin Square will be the second Grade A office building to be completed at the nine-acre Ruskin Square scheme, located adjacent to East Croydon station. This follows the letting of One Ruskin Square, a 183,000 sq ft Grade A office, to HM Revenue & Customs in 2017. Two further office sites have outline planning permission for an additional 500,000 sq ft.
Configured over 10 floors, Two Ruskin Square has been designed by AHMM to deliver bespoke, flexible office space with sustainability and wellbeing central themes to the design.
As a Design for Performance Pioneer Project, a number of key sustainability design elements will be incorporated into Two Ruskin Square, including an all-electric energy strategy, rainwater harvesting, a high performance façade, 35% green roof cover, a modular structural design to minimise embodied carbon, photovoltaics and a BREEAM Excellent target.
The design also includes an outdoor terrace space and bicycle spaces with lockers available for tenant use to promote active lifestyles and fitness, as well as three retail units located on the ground floor intended for use by convenience and local amenities to support the community-focused approach to the development.
David Camp, CEO of Stanhope said: “This transaction is excellent news for Ruskin Square and for Croydon, which helps to cement its reputation as South London’s leading commercial growth hub. Working alongside our partners, Stanhope has driven the development of Ruskin Square for over 15 years and this news demonstrates the success of the long-term vision to revitalise this central area of Croydon. We look forward to welcoming the Home Office into this fantastic space which has been developed collaboratively with the Government Property Agency, with sustainability at its heart.”
Savills acted as the leasing agents on Ruskin Square.
Ruskin Square is a long term project to revitalise the central area of Croydon, adjacent to a busy transport route…