JULY 2012
The problem of what to do with a 1960’s office block that has reached the end of its service life was solved at London House, Maidstone. The building won a design award when Croudace Properties originally developed it and it had been continuously occupied by blue chip tenants up until the last two years.
The shrinking of the office market in Maidstone made a major refurbishment as an office building uneconomic. After an 18 month marketing period a sale was agreed to Reef who have commenced work to reconfigure the building to become a Premier Inn, further to an agreement with Whitbread.
“The property has provided an excellent return for the Company over several decades,” said John Cook, Managing Director of Croudace Properties. “It is a convenient location and has excellent parking and we were sure the existing structure could find a new use. Clearly this provided us with the best exit value as well as being a desirable employment of resources. Reef has been an excellent company to deal with and we wish them well with launching the building into its new life.”
Comments