Prominent, Highly Secure Building Society Investment within Croydon Town Centre

66-68 George Street | Croydon | CR0 1PD


subject to contract

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  • Let to Yorkshire Building Society until 2026

  • Yorkshire Building Society is the 3rd largest building society in the UK with total assets of £58.7 billion

  • Corner Building with Excellent Return Frontage

  • Within 240 metres of East Croydon Railway Station

  • Potential future redevelopment of the upper parts, subject to consents

  • VAT-free investment

  • Offers in the region of £1,050,000, subject to contract

  • 9% Net Initial Yield



The London Borough of Croydon is the southernmost borough of London and the second largest by population. It is ideally located approximately 19 km (12 miles) south of central London and benefits from exceptional transportation links. It is considered to be one of the most exciting areas in south London and is widely considered a growth “hotspot”, supported by high levels of buyer demand seeking housing at a price attractive to owner occupiers, investors and first-time buyers.

Croydon benefits from excellent road communications located within 8 miles (13km) of Junction 7 of the M25 motorway. Various “A” roads such as the A23 and A232 connect Croydon with the M25 which links with the M23, M26 and the M20.

The Borough also enjoys great connectivity to the rail network with access to London and the south coast destinations via two main railway stations, East Croydon and West Croydon, both within walking distance of the subject property. They provide regular services to London Victoria (16 minutes), London Bridge (14 minutes), Clapham Junction (9 minutes) and Gatwick Airport (14 minutes). East Croydon Station has seen a 10% increase in passenger numbers over the last four years with some 25,000,000 passengers using the station in 2019/2020. (Source:

The Croydon tram link also offers shoppers living in neighbouring conurbations fast access to the town centre. The 28km (17 mile) track links central Croydon with Wimbledon to the northwest, Beckenham junction, Birkbeck and Elmers End to the east and New Addington to the south east. George Street Tram Stop is situated some 120 metres (130 yards) to the west of the subject property and provides services to the New Addington Loop and the Wimbledon to Beckenham Junction Line.

The two largest international airports in the UK are easily accessible from Croydon. London Gatwick Airport is located some 29 km (18 miles) to the South and London Heathrow Airport is located approximately 40 km (25 miles) to the North West.

Croydon town centre is a major hub of activity for shoppers, workers and visitors. Croydon is a growth borough, and the town centre is covered by the opportunity area. With an ambitious £5.25 billion regeneration programme, the exciting transformation of the town centre is underway. About a third of the new homes identified in the local plan are expected to be built in the town centre and the development of the 288-metre tall One Lansdowne and the Fairfield Masterplan is set to make Croydon an exciting destination. (Source:

The Queen’s Square development site is situated immediately to the south of the property and is due to provide a multi-phased scheme totalling six residential buildings, one of the biggest regeneration projects in South London. The first building to be released to the market is Highgrove Tower which faces on to Park Lane. It will provide Studio, One, Two and Three-bedroom apartments with far-reaching views over the city, a concierge service, residents’ lounge, gym studio and roof gardens. The development is being constructed by R&F Properties, a leading international property developer and the largest hotel owner in China. (Source:


The property is located in George Street, at its junction with Park Lane and forms a part pedestrianised zone with the tram link and restricted vehicular access. Loading access on George Street is between 6pm and 10am each day. George Street forms part of Central Croydon’s main retailing provision and links directly to North Street and Church Street, considered to be the prime pedestrianised retail roads. Nearby occupiers to the subject property include Sainsbury’s Local, Wagamama, Slug & Lettuce and Croydon College. The popular Croydon Box Park is within 200 metres (220 yards) of the property.

It is estimated that a population of some 236,000 people are within a 30-minute travel time catchment of the subject property.

East Croydon Station is just 240 metres (260 yards) to the east of the property and provided services to over 25,000,000 passengers in 2019-2020 making it the 17th busiest station in Great Britain, ahead of Stations including Edinburgh, Gatwick Airport and Wimbledon. (Source:



The property forms part of a terrace corner site, constructed in the late 1800’s consisting of a masonry construction including brick, concrete and timber with a pitched roof. The property provides an extensive frontage onto both George Street and Park Lane.

Internally, the property comprises a ground floor retail unit with ancillary accommodation on first, second and third floors. The retail floor area and part first floor has been fitted out by the tenant to their usual corporate style and is predominantly open plan with ancillary areas. The third floor has timber floors and recessed eaves restricting the height around the perimeter.

We understand the second and third floor aren’t currently used by the tenant, nor is the basement, providing an investor with future opportunities to refurbish and redevelop.

[Please note that the photographs and video were taken in 2021]


The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Net Frontage (Park Lane) 6.48 m 21’3”
Gross Frontage (Park Lane) 7.32 m 24’0”
Net Frontage (George Street) 11.20 m 36’9”
Gross Frontage (George Street) 11.58 m 38’0”
Zone A 56.02 sq m 603 sq ft
Zone B 64.84 sq m 698 sq ft
Zone C 7.99 sq m 86 sq ft
ITZA   974
Total Ground Floor 128.85 sq m 1,387 sq ft
Basement Ancillary 122.54 sq m 1,319 sq ft
First Floor Ancillary 117.52 sq m 1,265 sq ft
Second Floor Ancillary 118.73 sq m 1,278 sq ft
Third Floor Ancillary 90.11 sq m 970 sq ft
Total 577.75 sq m 6,219 sq ft

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £620 + VAT.



The property is held from The Whitgift Foundation for a term of 125 years from 24th June 1991, expiring 23rd June 2116 (93 years unexpired) at a fixed ground rent of £1 per annum. Please note, there are no review provisions .


The entire property is let to Yorkshire Building Society on a full repairing and insuring lease, for a term of 10 years from 9th March 2016, expiring on 8th March 2026. The lease is subject to a Schedule of Condition on the basement element .

The current passing rent is £100,000 per annum, having increased at the last rent review in March 2021 from £90,000 per annum.



Yorkshire Building Society has reported the following figures;

  31st December 2022 31st December 2021
Total Income 811.4 million £577.6 million
Profit before Tax £502.5 million £320.0 million
Total Assets £58,754.1 million £52,723.7 million

For the full financial results see

Established in 1864, Yorkshire Building Society is one of the largest building societies in the UK. The society also owns Chelsea Building Society, Norwich and Peterborough Building Society, Accord Mortgages and Egg.

Owned by its members, they currently employ approximately 2,300 staff from throughout the UK with total assets of £59bn. Yorkshire Building Society is committed to building an environmentally and financially sustainable future for its members, colleagues and communities and the UK. As a mutual organisation owned by its members and not shareholders, Yorkshire Building Society can reinvest profits to deliver its social purpose. (Source:


The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.


Upper Floors Potential

Although they are demised to the Yorkshire Building Society, the tenant does not use the second and third floors. Subject to consents, it is suggested the upper floors could potentially provide two residential units with a total exit value in the region of £450,000 after refurbishment (£200 per sq ft / £2,150 per sq m capital value), providing an opportunity to enhance value.


We are instructed to seek offers in the region of £1,050,000 (One Million and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9%, assuming standard purchaser’s costs of 5.8%.

Please note that a purchaser will be re-charged the costs of the measured survey (£620.00) and searches (£878) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.


Investment Considerations

  1. Croydon is undergoing major investment from public and private bodies;

  2. Prominent frontages on to both George Street and Park Lane;

  3. Securely let to Yorkshire Building Society (Total Assets £58.7 billion) until 2026;

  4. Excellent levels of footfall with the nearby East Croydon Station and the George Street Tram Stop;

  5. Underlying value held within the underutilised second and third floors;

  6. A purchase at the asking price reflects an attractive net initial yield for a secure London investment opportunity;

  7. Attractive lot size to an investor.

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Neil Singer +44 (0) 203 478 9120
Dale Henry +44 (0) 203 701 1356
Daniel Elia +44 (0) 203 701 1353

Vendors Solicitor

Gunnercooke  +44 (0) 333 014 3401
Jonathan Wilkson