Legal & General Property (LGP) has unveiled its proposal for the refurbishment of St George's House, Park Lane in East Croydon.
Legal & General Property (LGP) has unveiled its proposal for the refurbishment of St George's House, Park Lane in East Croydon.
The scheme is expected to include 288 new homes changing the current use of St George's House from predominantly office floor space to residential use, with community and retail uses at ground level and gardens at roof top level for residents.
LGP's acquisition of St George's House forms part of a suite of deals that the company negotiated on behalf of its UK Property Income Fund at the end of last year, enabling Nestlé to relocate to a new grade-A office headquarters at 1 City Place in Gatwick. The deals included the purchase of 1 City Place from RREEF for £39 mln (EUR 48 mln), the surrender of BT's lease on the property and simultaneous agreement of a new 20-year lease with Nestlé.
Following and subject to a public consultation process, a planning application is expected to be submitted in October this year. EPR Architects and landscape architect, Charles Funke, have been appointed to draw up plans for the scheme, and CBRE is the advising agent.
The UK PIF reached its final close in October 2011, having secured commitments totalling £300 mln from 14 major international institutional investors based in the Middle East, Denmark, UK, France, Finland, Switzerland and Japan.
