December 3, 2007

Mapeley Estates, advised by Savills, has let space to Tesco at Leon house, High Street, Croydon.

Tesco has taken the ground floor retail unit comprising 4,200 sq ft (390 sq m) and 11 customer car parking spaces. The leading international food store has acquired the space on a 15-year lease at a rent of £17 per sq ft (£183 per sq m), equivalent to £71,400 per annum.

Dan Peake, director of Savills’ in-town retail team, comments: “This deal is a very shrewd move for Tesco and equally beneficial to the regeneration of this part of Croydon’s town centre. Leon House offers large High Street retail space with car parking in an area that is completely under serviced by a local big-branded supermarket.

“With nearby residential developments currently under construction there was a need for a quality food offer in the immediate area and Tesco has offered us the right solution to meet it.”

Leon House is a 221,910 sq ft (20,616 sq m) multi-let building comprising a 21-storey
office tower with 3,000 sq ft (279 sq m) of adjoining retail space. A total of 27,369 sq ft (2,542 sq m) office space remains vacant at the property, at a quoting rent of £19.50 per sq ft (£210 per sq m).

Tom Mellows, associate director of Savills’ regional office agency team, adds: “Leon House has been comprehensively refurbished over the last five years and now offers some of the best quality office space currently available in Croydon. This latest addition to the building not only compliments but further extends its tenant offering.”
Other tenants in the building include Alexander Forbes, Croydon Primary Care Trust, The Secretary of State for the Environment, Jennings Son & Ash, The London Borough of Croydon, Mitsubishi Electric Europe and Emap Business Communications.

Tesco was advised by Brian Cradock & Company.

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