Terrace Hill - Offices Development - Croydon, Planning Application for £90m Croydon Office Tower

Date: 19 Dec 2006

Terrace Hill, the AIM-listed property development and investment company, has submitted a detailed planning application to London Borough of Croydon for a 14-storey office tower.

The proposed development, at 100 George Street, Croydon, will provide a total floorspace of 205,000 sq ft (19,045 sq m), with an average floorplate of 14,000 sq ft (1,301 sq m). The building, adjacent to East Croydon station, will be fully air-conditioned and will have an end value of £90 million.

Subject to planning approval, speculative construction will start in mid 2007, with completion due in early 2009.

Robert Lane, director at Terrace Hill, comments: "If approved, the new building will be the first significant grade A office space in Croydon for 15 years. We believe that there is tremendous pent-up demand for this kind of office space from the local occupier market and potential re-locators."

Atisreal and Jones Lang LaSalle are advising Terrace Hill.

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