In the past, Croydon has been synonymous with good property investment opportunities. Recently this has been linked, in part, to being London’s fastest growing tech hub. Not only that, it has a blossoming economy based around the logistics industry. If you live in South London and ordered something from Amazon, its likely to have come from this neck of the woods.
So how is London’s city of the south coping with the pandemic? Well in terms of property investment it’s a bit of a mixed bag.
FACTSTOP: “Croydon were it a City would be the 8th biggest in the UK”
The planned developments within the town are likely to be adapted rather than withdrawn due to COVID-19. A prime example of this is the former Nestle Tower, where the developer (Delancey), has put the 290-home project on ice.
There was a feeling Croydon was in limbo even before the pandemic struck. The Westfield shopping centre planned for the town had hit delay after delay. The climate on the high street had not been conducive to such a development and it certainly isn’t now. The project is ‘under review’ by the developer Unibail-Rodamco-Westfield, the review process can only have been prolonged by the pandemic.
BUILDING ITSELF OUT OF TROUBLE
However, it’s not all purgatory and pain for Croydon. The council has given the go ahead to its own company Brick By Brick for a mixed-use development in the town’s centre. There will be five new buildings offering 421 homes. The company already has 1,000 homes across the borough with 500 due to be completed in 2021. They are mainly north of Croydon town towards Crystal Palace.
Another feather in Croydon’s cap is that it’s home to the world’s tallest modular building. In just 35 weeks two towers of 44 and 38-storeys have been constructed at 101 George Street. Construction was completed in May 2020. Most of the units were constructed remotely and brought to site fully formed and ready to slot into place.
Such modular construction is bound to grow in popularity when such an impressive building can be erected so quickly.
If you look at how Croydon coped with the financial crisis of 2008, you’ll see that it backed the right horse in positioning itself for the delivery & logistics market.
These are now well embedded local industries that have prospered throughout the lockdown. Online shopping had always been on an upward trajectory, and the current conditions have only increased the strength of the transformation. So it tracks to see Croydon council’s receiving increasing enquiries in regards to new logistics businesses. Welcome to Croydon, the home of the online shop!!
CULTURE & NIGHTLIFE POISED TO SPRING BACK
Another attraction close to this building is the Boxpark where you have a temporary feel to an array of eateries and boutiques. This is one of only 3 locations for this popular brand in the capital, it is a sign of local vibrancy and popularity. The CEO Paul Wade is confident the business has the cash reserves to ride out the storm, but the eateries he hosts may be completely transformed come 4th July reopening.
To add to these green shoots of recovery Croydon is home to Fairfield Halls, south London’s largest arts centre. When it reopens, it offers a wide range of venues for music, art & theatre. It will be the cultural hub for a large area way beyond the reaches of the town.
Croydon is often an interesting location for the property investor and the short-let market here can be lucrative. To see how it compares to the rest of London pick up The D’Rews London Short-Let Property Playbook or if you’re already decided on your location get in touch for a tailored report for specific property.