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• Schroders and Stanhope award £40 million Ruskin Square contract to Lendlease

Schroders and Stanhope award £40 million Ruskin Square contract to Lendlease

Posted on 2 July, 2015 by Neil Bird

Schroders and Stanhope have appointed Lendlease as the preferred contractor for the first of five office buildings at Ruskin Square, the development partnership’s £500 million business, leisure and residential quarter adjacent to East Croydon Station.

Construction work on the building, which will provide 200,000 sq ft of flexible office accommodation, together with ground floor independent retail space, is now underway with completion expected in autumn 2016.

London’s Deputy Mayor for Planning, Edward Lister, welcomed the news: “Croydon is set to become one of the capital’s most vibrant town centres, and a major driver of our economy,” he said.

“Lendlease’s appointment will act as a catalyst for change, bringing forward much needed valuable office space in South London.”

The Ruskin Square appointment is the latest in a wave of construction wins for the international property and infrastructure group, which include Legal & General’s office building in Hammersmith and the Rathbone Place scheme, just off Oxford Street.

Ruskin Square will deliver a total of 1.25 million sq ft of new office space to the London market, catering to the demand from Croydon’s growing business community for quality, flexible accommodation.

Situated at the heart of Croydon’s business district, the 2 million sq ft scheme will also provide 100,000 sq ft of retail, leisure and public space, alongside 625 residential units. People for Places began work on the first residential phase of Ruskin Square – which will deliver 161 high quality homes – in July 2014.  It is expected to be completed sometime next year.

Neil Martin, Managing Director of Construction at Lendlease, commented: “We are looking forward to working with Stanhope and Schroders on this pivotal development in a part of South London that is set to undergo a remarkable transformation over the next few years.

“Adding to our high profile portfolio of major London construction jobs, the contract is testament to the strong relationships we have with our clients and our expertise in building mixed-use regeneration schemes.”

James Lass, Fund Manager for Schroder UK Real Estate Fund, said; “Croydon’s reputation as a major business hub continues to grow apace and the commencement of the office element at Ruskin Square paves the way for us to deliver high quality, flexible accommodation for Croydon’s rapidly growing business population.”

He added that Schroders is already engaged in detailed discussions with prospective tenants and that the company is confident that occupier demand will continue to grow as construction progresses.

Speaking on behalf of Stanhope, Development Director Jason Margrave, said: “The appointment of Lendlease is a key milestone as we now commence the first office building at Ruskin Square.

“Lendlease will unlock a key part of the scheme and our vision to develop an attractive and vibrant commercial and leisure destination situated prominently within Croydon’s rising central business district.”

Lendlease has worked with Stanhope since the late 1980s and, over the past 12 months, has completed Building 7 on Chiswick Park, the BskyB Meeting Centre and the acclaimed development of St James’s Gateway in the West End.

Other collaborations between the two companies have successfully delivered a number of high profile developments, including Bishopsgate Tower, Broadgate, Central Saint Giles and Unilever House.

JLL and Savills have been appointed to let Ruskin Square’s office retail space.

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