18 Aug Croydon, Surrey House
DMR advised the vendors on the investment sale of this prime Croydon building, let on the ground and first floors to Stonegate Pub Co Ltd. After a period of inactivity for the building, DMR approached a potential buyer with the angle of future residential development of the first floor, which subsequently resulted in a sale of the building at a price of £1.41m reflecting a net initial yield of 8.4%.
Croydon is already well known for its retail and leisure offer. However the arrival of the latest Westfield centre will elevate the area to the next level. Local residents will have on their doorstep a £1 billion world-class retail and entertainment facility making Croydon the envy of South London.
Surrey House is right in the heart of the original historic centre, a stone’s throw from Matthew’s Yard – a bohemian square full of charm and character. A huge amount of residential and grade A office space is due to come on line over the next few years, alongside developments such as Boxpark, ensuring the continued growth of Croydon, and making this an attractive investment for the purchaser, a private individual.