Plans are being hatched to turn Nestlé’s iconic tower in Croydon, south London, into a residential scheme.
Nestlé announced its intention to leave its long-standing home last month for premises at Legal & General’s 1 City Place in Crawley, West Sussex.
As part of the deal, L&G will take ownership of the 24-storey St George’s House when Nestlé fully vacates the 130,000 sq ft block at the end of this year.
Proposals are only at a very early stage and L&G is yet to decide on how many units the tower could provide and whether it would involve a complete demolition and redevelopment of the site or a comprehensive refurbishment.
The fund manager has already met with Croydon council about modifying the town’s masterplan to allow for a redevelopment of the tower. Currently, St George’s House is earmarked only for refurbishment in the plan, which identifies more than 1m sq ft of residential-led development, including as many as 1,100 homes.
The mix of homes L&G could build at the site is also contingent on Croydon’s policy, which currently seeks an affordable housing contribution of as much as 50%.
L&G will shortly approach Minerva – now owned by Delancey and Area Property Partners – which is landlord to the neighbouring 25,000 sq ft Segas House, about potentially working together to bring forward any redevelopment project. Segas House is also only scheduled for refurbishment in the Croydon masterplan.
Charlie Walker, director at Legal & General Property, said: “We are fully engaged in the mid-Croydon masterplan and see the potential redevelopment of St George’s House as a great opportunity as a gateway to Croydon. We look forward to working with the various stakeholders to bring forward a scheme that is not only financially viable but best serves the needs of the community and complements the wider regeneration of the town centre.”
annabel.dixon@estatesgazette.com
