UK: Amro Partners, in partnership with Flemyn LLP, has acquired the Croydon Park Hotel in south London for a £200 million GDV BTR development.
The partners bought the site unconditionally from vendor Croydon Council for a figure reported to be around £20 million. The project will deliver circa 600 new BTR units with shared amenities including roof terraces, lounge areas, coworking spaces, a gym/wellness centre, and cinema room.
Located a two-minute walk from East Croydon train station (13 minutes from London Bridge, 15 minutes from London Victoria and Gatwick Airport) and BOXPARK Croydon, the project will meet strong demand locally for high quality purpose-built rental accommodation with excellent transport links.
In line with Amro Partners’ NZC2030 pledge, the development will target a BREEAM ‘Outstanding’ rating, Fitwel 3* certification, and WiredScore Platinum. Construction is anticipated to begin in spring 2023 with a completion date in 2025, after which the project will be managed by Amro’s operational platform, Amro Living.
Raj Kotecha, managing director of Amro Partners, said: “Croydon is a proven location for Build to Rent and we are focused on delivering a market-leading Net Zero Carbon – or better – asset that will set a new standard for purpose-built rental housing in the town. There’s strong and growing demand among Croydon’s young professional population for high quality rental accommodation in a ‘live, work, play’ setting and we look forward to working with our JV partner Flemyn LLP to deliver this exceptional new landmark building.”
The sale has caused controversy as it represents a loss for the council of around £10 million. It bought the site from Evans Randall Investors in 2018 for £29.8 million.
