HM Revenue and Customs has confirmed the development of its first regional centre at Stanhope and Schroder’s Ruskin Square in Croydon.
The UK’s tax, payments and customs authority has signed a 25-year lease to take the entire nine-storey Building 1, which comprises 184,000 sq ft of offices. Two ground floor retail units will be let separately.
The deal represents the first commercial letting at the £500m Ruskin Square development, where the joint venture partners are building out 2m sq ft over nine acres.
Designed by architects shedkm, Building 1 will be ready for HMRC to commence fit-out in November 2016, with the first members of staff moving in from summer 2017.
HMRC also has an option to lease further space at a consented 250,000 sq ft office building at Ruskin Square. Quoted rents at Ruskin Square are around £35 per sq ft.
The building will house around 2,500 civil servants from across HMRC, including specialist teams who will work on debt management, fraud and criminal investigations and tax compliance.
HMRC is creating 13 new regional centres across the UK as part of its plans to create a tax authority fit for the future. The department plans to locate its staff in state of the art, more cost-effective buildings and is investing in technology to create better customer services and make it harder to cheat the system.
Stanhope chief executive David Camp said: “HMRC’s decision to locate one of its major new office hubs at Ruskin Square in Croydon will be a further vote of confidence in the regeneration and revival of Croydon and Stanhope, and Schroders’ creation of an attractive and vibrant destination and sense of arrival at East Croydon station.
“The first office block is already underway, the first phase of housing is nearing completion and, with the opening of Boxpark and detailed planning permission for a second office block, Ruskin Square will deliver the sort of commercial, housing and leisure development that Croydon really needs.”
JLL advised HMRC; Savills and JLL represented Stanhope and Schroders.
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