Castlemore buys Croydon mixed-use opportunity

Castlemore Securities has bought a 6.5-acre mixed-use development opportunity on Purley Way in Croydon, Surrey for £17m.   The former Uno furniture warehouse site, which has a resolution to grant planning permission for a mixed-use scheme, was bought from Standard Life.   Castlemore plans a £40m scheme including a mix of shops, industrial and housing.   The developer is also working on a 120,000 sq ft retail scheme in nearby Sydenham.   Castlemore’s planning director, Eric Hall, said: “With the existing resolution to grant planning permission, the Purley Way site is a fantastic development opportunity in a great location.   “Castlemore has first-hand experience of the local area after completing Croydon’s Valley Plaza Retail Park around a decade ago and this former Uno site is an even more exciting opportunity because of its prestigious location. Indeed, we have already identified clear tenant demand for the property.”   Castlemore said the acquisition had been entirely financed by its cash reserves and all legal documentation on the deal was completed within 28 days.   Harvey Spack Field acted for Castlemore; Colliers CRE acted for Standard Life.   paul.norman@rbi.co.uk