Croydon office halves in value as Patrizia puts it up for sale

Patrizia is looking to sell a 75,000 sq ft Croydon office for offers of around £10m, for a value-add or permitted development rights revamp opportunity. The price tag marks a decrease of over 50% from the building’s last sale, when it was bought by Rockspring Property Investment Managers for £21.2m in 2018. Patrizia had already acquired Rockspring, as of December 2017. Cushman & Wakefield has been appointed to market the office with the potential for a change of use, such as co-living or hotel, subject to planning permission. The seven-storey building, known as Mott MacDonald House, is let to Mott MacDonald until 30 November 2024. Cushman says the firm has commenced its exit from the building and committed to alternative premises within the local area. The lease provides for a current passing rent of £1.4m per annum. The 0.5-acre site is located within the area covered by the Croydon Local Plan. See occupational sale comparables in Croydon >> Photo © Cushman & Wakefield