Legal & General secures planning for St George's House in Croydon.
07 February 2013
Legal & General Property (LGP/the Company) announces, on behalf of its UK Property Income Fund (the Fund/UK PIF), that it has received a resolution to grant planning permission from the London Borough of Croydon’s planning committee for St George’s House, Park Lane in East Croydon.
The refurbishment of St George’s House will create a unique, high quality residential address and an enhanced public realm in Croydon town centre. The use of the building will be changed from office space to residential use, providing approximately 288 new homes, including 23 affordable housing units, with community and retail uses at ground level and roof top garden space for residents.
The scheme will deliver a new iconic feature for Croydon’s skyline by introducing a ‘stepping’ effect to vary the height of the tower blocks, whilst different architectural treatments will be used to soften the aesthetic appearance of the building. Ranging in size, all the apartments will have a balcony and access to the rooftop garden space, and will provide sophisticated living space in a key location for commuters, families and young professionals.
Charlie Walker, Director at Legal & General Property, commented: “Last night’s decision marks an important step forward for Croydon and is a strong testament to the hard work we have put in over the past year to ensuring that our proposals not only complement the existing qualities of the borough, but contribute to its wider regeneration, enhancing its position as a desirable residential location. We believe that not only will this scheme deliver much needed high quality residential accommodation to the very centre of town, but should bring a new lease of life to the area by significantly improving the public realm, creating a more accessible and attractive civic space for residents and visitors to enjoy.”
Councillor Jason Perry, Cabinet member for planning, regeneration and transport, said: “This exciting plan matches the council’s vision for transforming the town centre into a place to live as well to work, shop and socialise. It is a significant leap forward in the council’s strategy for regenerating the town centre, refreshing its 1960s streetscape and boosting the economic growth of the borough.
“Legal and General and our planners have worked extremely hard and efficiently to bring this from proposal to approval in just a few months. It’s proof that Croydon is a place to do business.”
CBRE is acting as LGP’s adviser on the scheme.
Notes to editors
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £391bn of assets on behalf of more than 3,300 clients (30 September 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 September 2012.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Milton Keynes, Northampton, Hounslow and Eastbourne.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.