Regeneration specialist Menta, advised by Colliers International, has completed on a funding deal with Mitsubishi Estate London to bring forward the next phase of their £350million regeneration project adjacent to East Croydon station.
Mitsubishi Estate London has agreed to forward fund two 25 storey residential towers. Once complete, the towers will provide 338 residential apartments, circa 20,000 sq ft of commercial space and dedicated resident amenities. The development will also provide a new entrance to the train station, connecting Cherry Orchard Road with east Croydon via a landscaped public square. The wider development also includes 118 affordable homes in a 11-storey block secured with Clarion Housing Group. Sir Robert McAlpine has been appointed as main contractor to deliver the scheme. Construction is due to start immediately with occupation anticipated in 2023.
Craig Marks, CEO Menta, said: “Having delivered the first phase of 300 new homes on the adjacent site, this further development, with an institutional investor, will help to deliver the East Croydon Masterplan. Together we will deliver 750 new homes, as well as valuable amenities and infrastructure improvements including the long-awaited new station entrance, providing residents with easy access to central London in less than 20 minutes.”
Andrew White, Head of UK Residential at Colliers, commented: “We are delighted to continue our relationship with Menta through Phase II of their East Croydon scheme.
“The timing of this investment fits well in the current market sentiment with an increased focus on regeneration within London’s commuter belt locations. East Croydon’s strong fundamentals of a growing population of young professionals looking for affordable accommodation with easy transport links to Central London make it an exciting place to live in.
“The residential sector continues to be resilient through these challenging times and we are proud to be a part of its evolution.”