Inspired Asset Management has completed the £25m purchase of Impact House, Croydon, which it intends to convert into 227 flats under permitted development rights.
Inspired Asset’s chief executive Martin Skinner said that the government’s decision to make PDR a permanent option for developers had enabled the purchase of the 123,265 sq ft, 16-storey office building.
Skinner said: “Impact House is not only a landmark deal for us as it’s our largest development to date, but it marks the next stage in investor confidence in the London office-to-resi market, an area we have been spearheading for the past five years.”
Planning permission is also being sought for a collection of skyline penthouses and residents’ facilities.
