Croydon london. Investment prospectus

Transcription

1 Croydon london Investment prospectus

2 Croydon london 2 CGI: Croydon Metropolitan Centre

3 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

4 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 Gatwick Airport 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 East Croydon station 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

5 Luton Airport 64 Stratford 37 King s Cross & St Pancras 31 Waterloo 20 Paddington 39 Heathrow 62 Victoria 16 Clapham Junction 9 Liverpool Street 24 Canary Wharf 26 City Airport 42 London Bridge 12 Croydon Redhill 20 Gatwick 14 East Grinstead 26 Crawley 24 Brighton 33 Uniquely, Croydon integrates all modes of public transport - rail, tube, bus and tram. Tramlink is the UK s largest tram network, carrying 28 million passengers, while East Croydon is the UK s second-busiest rail interchange. Croydon can be reached using Transport for London s popular Oyster card, which allows cost-effective and easy travel. Travel time in minutes from Croydon Source: Luton STANSTED GREATER LONDON CITY HEATHROW CROYDON GATWICK strategic location 5

6 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 Five masterplans are now knitted together into a single dynamic vision, making Croydon a genuine market opportunity for investment. Seven sites are already under construction in the town centre; a further 13 sites have planning approval; 12 more are in pre-planning. Over five million sq ft of development is proposed, including thousands of new homes. And thanks to a unique partnership between the Council and developers, regeneration is happening despite the recession. The Croydon Council Urban Regeneration Vehicle (CCURV) An innovative public-private joint venture investment vehicle formed by Croydon Council and John Laing Delivering 450m of regeneration on four key sites in Croydon s town centre An efficient vehicle to advance existing and emerging development opportunities, with a strategic influence to maximise regeneration benefits. East Croydon station new bridge & upgraded concourse under construction Saffron Square, Berkeley Homes 754 residential units under construction new trams on network - 25% increase in capacity Legible London pedestrian wayfinding system in Croydon s town centre Wellesley Road 2 new surface level crossings connecting stations to core retail area 6

7 Funding from the Mayor of London The Mayor of London has announced a 23m regeneration fund for Croydon. 18m of this is intended to transform the public realm in and around the town centre, including: Better signposting and a better welcome on entering central Croydon Improving shop fronts and bringing in new retailers Connected Croydon making it easier to travel between key destinations in the centre. Funding available directly to investors 5m of the regeneration fund is earmarked for business support. Croydon has proposed a twofold approach in order to stimulate the business base: Funding for commercial property owners to refurbish office buildings and improve environmental performance Incentives for businesses to locate within designated zones. In addition, developers can apply for loans through the Growing Places fund. This is administered by the Coast to Capital LEP to kick-start stalled schemes. Additional business support Using European funding, Croydon Council provides many business support programmes to: improve supply chain and procurement, to increase the contracts won locally; establish trade links and export routes; obtain business finance to pursue growth plans; and reduce energy waste by improved environmental performance. Coast to Capital our first Local Enterprise Partnership (LEP) Croydon Council is working jointly with Surrey County Council, West Sussex County Council, Brighton and Hove Council and the Gatwick Diamond to capitalise on the major business centres of Gatwick, Brighton and Croydon - an area with a business community of 79,000 firms and some 721,000 jobs. Coast to Capital has two top priorities: Increase significantly the number of firms that trade internationally Increase the levels of enterprise and business formation. Croydon is also contributing to the development of the London-wide LEP. Croydon has provided us with the advantage of a being within a vibrant insurance market. Croydon has excellent transport links to London and the whole of the South, in particular the City which allows us to gain more access to our key broker partners, further cementing existing relationships and forging new ones. James Roberts, Head Broker Market South Zurich Insurance Plc Bernard Weatherill House (civic offices) complete 2014 Upgrade of retail core (North & South End) East Croydon station construction of new public square begins West Croydon station major station upgrade delivery timeline 7

8 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 Many blue-chip organisations locate their headquarters in Croydon. In particular, Croydon has a large number of leading multinational companies in the finance, insurance and engineering sectors. The public sector has a significant presence here too. Over 1,500 different businesses are found in the Business Improvement District (BID) alone. The low operating base has engendered the loyalty of key occupiers. In the last eighteen months alone, lease renewals have accounted for one million sq ft of retained office space. One of the capital s most important office hubs Croydon has the largest office market in the south-east outside central London, with an office stock of 7.9m sq ft. A diverse range of offices is available to meet differing occupier requirements, from low budget to the best refurbishments, as well as a consented pipeline of projects. The office stock is clustered around East Croydon station and West Croydon station, and the roads between them. Competitive, low office costs Office rents are considerably lower than in central London about half the cost, or even less Atkins Chartis/AIG Current rents vary from as low as 8 per sq ft up to 22 per sq ft for the best space. Mondial Britiish Rail Residuary Board UKBA Bank of America Network Rail Royal Sun Alliance NCP Mercer Carillion Liverpool Victoria Zurich SNC Lavalin Aecom Mott MacDonald 8

9 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 With 370,000 people Croydon is the largest London borough by population. Around three million people live within 10 miles. Wages are lower than in central London but so too are other costs - the average house price is around 258,000 while an apartment is typically 162,000. Croydon provides rapid access to the UK s capital but without the high costs of locating centrally. Yet central London is just 16 minutes away by train. University Centre Croydon Croydon College is about to become known as University Centre Croydon, building on its partnership with the University of Sussex (one of the top ten universities in the UK). It s a huge step forward for Croydon, meaning local people can gain top-quality higherlevel qualifications, in an increasing range of 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

10 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 Whitgift Centre and the largest managed shopping centre, Centrale. 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 Purley Way, London s eighthlargest 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

11 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 boasts London s largest concentration of hotel rooms outside Heathrow Airport and the West End, including 12 leading hotels within easy reach of the town centre. A new Premier Inn is currently under construction. A surprisingly diverse restaurant offer A staggering 800 restaurants, cafes and bars are found in Croydon, which has a growing culinary reputation for quality as well as quantity. Michelin-listed restaurants such as Le Cassoulet and Albert s Table sit at the pinnacle, most of the nation s favourite chains and brands are here too, while a cursory look on Trip Advisor will reveal many quirky, unique and enticing local restaurants that you won t find anywhere else. Croydon has one of the highest catchment spends in the UK and Hammerson aims to bring in major brands that are currently not represented in Croydon, creating a new prime pitch for the town s retail. David Ordman, Hammerson 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

12 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 central London. Croydon offers vibrant urban living to the north, and tranquil, affluent districts to the south. The average house price is around 258,000, making local property affordable and considerably cheaper than in central London. Residential developments in urban centres are increasingly important. People living there tend to be younger, more mobile, less reliant on company cars and don t want gardens. Surrey Street Market Croydon Council is planning for up to 8,000 new homes across the Opportunity Area. Saffron Square, being developed by Berkeley Homes, is a major new residential scheme of 755 units under construction in central Croydon. Barratt is building 700 apartments in its urban village at New South Quarter. Both are examples of contemporary projects designed to meet the rising demand for modern urban living, now and into the future. And not to forget, Croydon s 800 restaurants, cafés and bars, and nine nightclubs, entertain 20,000 people each and every week. A developing culture With the Warehouse Theatre and Fairfield Halls, Croydon is an important cultural centre for south London. Fairfield Hall houses an impressive 1,789- seat concert hall and the 763-seat Ashcroft Theatre. 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

13 Living close to exceptional schools People like to live where there are quality schools for their children. Many local secondary schools are rated as good or outstanding by OFSTED, achieving tremendous examination results well above the national average. Croydon also has many top independent schools, including Whitgift, Trinity and Old Palace of John Whitgift. A city in the country Croydon is London s greenest borough and has been named the UK s greenest large city. Green space covers one-third of Croydon, eight percent of it is woodland, and there are no fewer than 127 parks and open spaces that the Council maintains. 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, the Castle s dramatic site encapsulates 900 years of British history. 2. Goodwood Home to a range of activity including the world famous Goodwood Festival of Speed, Horse racing and motorsport Epsom Downs Racecourse Best known for the Epsom Derby, Britain s premier thoroughbred flat race for three-yearold colts and fillies The Addington Golf Club Ranked in Golf World s Top 100 Courses in Great Britain and Ireland, The Addington is a hidden gem of a golf course, just 10 minutes by tram from Croydon s centre. 4. Legoland Unique family theme park of interactive rides, live shows, building workshops, driving schools and attractions, based on the worldfamous LEGO brick. 5. Wentworth Golf Club Three premier 18-hole golf courses and the headquarters of the PGA European Tour. 8. Box Hill Unspoilt North Downs 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

14 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

15 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 the pre-application stage, allows developers to present plans in advance of formal committee meetings. Our planning approvals process is slick, with fast turnaround times A Masterplanning process for greater certainty in future developments. Transparency and early indication over infrastructure charges The Community Infrastructure Levy (CIL) is a new process that asks developments to make a modest, fixed contribution towards the additional infrastructure and amenities that are needed, and from which they will benefit. It s a much more transparent system of working out these additional charges and will largely replace the current Section 106 process. Croydon has given an early indication of CIL charges so that developers have greater certainty over what they have to contribute, from the very start of the development process. Croydon s Opportunity Area Planning Framework (OAPF) The Mayor of London has designated Croydon as an Opportunity Area. In other words, Croydon is deemed to have the necessary infrastructure and transport links to accommodate substantial numbers of new jobs and homes. A new Opportunity Area Planning Framework (OAPF) sets out some of the practical steps that Croydon Council and the Greater London Authority intend to take, to turn into reality the plans to build a new community and re-invent Croydon s commercial and shopping heart over the next 20 years. These include working closely with local residents, businesses, retailers, landowners and developers in a shared determination to grow the local economy, and provide the essential infrastructure to make it all happen. This not only means a significant number of quality residential and commercial buildings, but also the spaces in between improved streets, a stronger 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

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

17 Croydon Town Centre - key buildings B A vii 26 C Bernard Weatherill House Whitgift centre Centrale D Croydon Station Consented Schemes Developer USE SIZE SQ ft i Ruskin Square* Stanhope/Schroder Mixed 956,000 & 625 units ii Chroma Terrace Hill Office 258,000 iii Addiscombe Grove Berwick Hill Office 40,000 iv Cherry Orchard Road Menta Office 71,000 v 1 Lansdowne Road Rosepride & Guildhall Mixed 23,0000 & 397 units UNDER CONSTRUCTION vi Saffron Square Berkeley Homes Residential 754 Units vii Bernard Weatherill House 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

18 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 Place making construction is due to start in 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

19 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 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

20 For further information please contact: Tony Antoniou Director of Regeneration & Economy Planning & Environment Croydon Council Taberner House Park Lane Croydon CR0 9JT tony.antoniou@croydon.gov.uk 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 Printed on sustainable, FSC sourced and part recycled paper. Croydon Council gratefully acknowledges contribution from: Vanessa Clark, Sinclair Clark - Consultant Surveyors.