Amro acquires Sutton office for £170m BTR scheme
Residential investor Amro Partners has bought a 200,000 sq ft office building in Sutton, south London, which it plans to convert into a £170m, 450-home build-to-rent development.
Quadrant House is currently occupied by LexisNexis Risk Solutions Group, parent company of EG, which will leave the premises in the first half of 2024 after some 40 years in the building. The company is expected to remain in the area and will search for a base with better environmental credentials and a footprint to meet its future space requirements.
The building, opposite Sutton train station, was marketed for sale with a guide price of £46.87m. It last changed hands in 2014 for £45.3m, according to EG Radius.
Residential investor Amro Partners has bought a 200,000 sq ft office building in Sutton, south London, which it plans to convert into a £170m, 450-home build-to-rent development.
Quadrant House is currently occupied by LexisNexis Risk Solutions Group, parent company of EG, which will leave the premises in the first half of 2024 after some 40 years in the building. The company is expected to remain in the area and will search for a base with better environmental credentials and a footprint to meet its future space requirements.
The building, opposite Sutton train station, was marketed for sale with a guide price of £46.87m. It last changed hands in 2014 for £45.3m, according to EG Radius.
Amro plans to redevelop the site to include rental homes, co-working spaces, a gym and wellness centre, residents’ lounge, cinema and roof terraces. The deal takes the company’s total transaction volume to more than £1bn since it was established a decade ago.
Raj Kotecha, the company’s co-founder and managing director, said the proposed scheme would be “one of the most sustainable residential buildings in Europe upon completion”. Amro plans to retain the existing concrete structural frame, comprising two interconnected towers, and extend vertically.
“Demand for energy-efficient, professionally managed rental homes is strong and growing,” Kotecha added. “This project will help meet the needs of young professionals and families locally while playing a key role in the wider regeneration of Sutton town centre on an important ‘station gateway’ site.”
Development work is hoped to start in 2024 and complete two years later.
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Image from Amro
