Schroders, Stanhope secure major government pre-let at London’s Croydon project

Schroders (SREF) and Stanhope have secured a 330,000 sq ft (30,600 m2) pre-let agreement with a government department on a 25-year lease at Two Ruskin Square, a new 10-storey building within its one million sq ft (93,000 m2) mixed-use development next to East Croydon Station.

Two Ruskin Square will be the second Grade A office building to be completed at the nine-acre scheme, following the letting of One Ruskin Square, a 183,000 sq ft (17,000 m2) Grade A office, to HM Revenue & Customs (HMRC) in 2017.

Schroders said that the long-term, inflation-linked, lease commitment for Two Ruskin Square will strengthen its defensive income profile and, including the HMRC lease, increase the proportion of its rental income from government tenants to around 19%.

Configured over 10 floors, Two Ruskin Square has been designed by AHMM to deliver flexible office space targeting a BREEAM Excellent rating.

Work is anticipated to start on site in the summer, subject to planning, with a practical completion target of late 2023.

Jessica Berney, fund manager for Schroders said: ‘This deal demonstrates the confidence that the tenant has in the town and in Ruskin Square as a developing community within it. We are working closely with them to provide a bespoke workplace for employees and visitors that can be tailored around their current and future requirements. With a further two office and three residential buildings in the pipeline, Ruskin Square is sure to continue to be a focal point of Croydon’s reputation as a thriving London hub.’


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