Earlier this week there was a story about one of the largest examples of property investment in Croydon in recent times. Chinese property firm R&F Properties have invested around £60 million in the St. George’s Tower and surrounding site. The iconic building, more commonly known as the Nestle Tower, has stood empty since 2012. It was purchased for £10 million by Minerva in 2015 but has now changed hands again.
The investment is the first in Europe for R&F Properties and will see them take on significant regeneration works. The initial plan is to transform the Nestle UK and Ireland headquarters, creating 288 new homes. Croydon Council agreed to switch the building from commercial to residential use all in 2013. A plan by the previous developer is in place but it will be interesting to see how it proceeds.
Alongside new homes in the 24 storey tower R&F Properties is planning to build an additional 800 at nearby St. George’s Walk. The 1,000 plus homes would be well received, particularly with the fantastic central location. Demand for homes in Croydon is high and house prices are growing at a good rate. As a result the project could prove to be a very lucrative one.
The story shows that the London property market is still attractive to overseas investors, especially when such great opportunities come up. It also shows that property investment in Croydon remains popular. When the new homes are finished on the site it will attract all kinds of investors, including both owner occupiers and landlords.
At Finefair we can help people looking to purchase a property in Croydon. Whatever your search criteria we can offer support and useful advice. We can even be on hand to help investors who need management and letting services. We can take care of everything and work with landlords as they look to get the best returns for their money.
If you would like to discuss anything with us please get in touch. We are proud to offer a personal service and build great relationships with our clients. This approach has established us as a leader in our field.
