Redefine International has sold the former Home Office building in Croydon, which is set to be converted into a £20m hotel and residential development.
Redefine has sold St Anne’s House to a Guernsey-registered fund for £8.4m.
Croydon borough council approved proposals in September 2013 to convert the 1960s office block into an Axiom Architects-designed scheme comprising a 144-bedroom hotel and 46 flats.
Redefine chief executive Mike Watters said: “Following the successful implementation of our business plan, we are pleased to have made this disposal which will enable us to recycle the proceeds into other areas of our portfolio.
“As the investment and development market improves, we are assessing a number of other assets across the portfolio which offer the potential to benefit from initiatives such as securing change of use, enabling us to realise additional value for shareholders.”
nick.whitten@estatesgazette.com
