Allen & Overy said today that this landmark letting post-EU Referendum demonstrates that there are still deals of this scale closing, which may pave the way for others to follow.

The deal will see HM Revenue and Customs (HMRC) occupy One Ruskin Square, the first office building of the GBP500 million new development in Croydon that is being delivered by Schroder UK Real Estate (SREF) and its partner Stanhope.

This letting of the entire building less 3 retail units, several months in advance of completion sees the government department take 180,000 sq ft of prime office accommodation at the heart of a fast evolving business hub in South London on a 25 year lease. Ruskin Square itself covers a nine acre site and is located immediately adjacent to East Croydon station and moments from Croydon’s central business district, where Hammerson and Westfield will be delivering their GBP1.4 billion retail-led regeneration over the coming years.

Allen & Overy advised long-standing client Schroder UK Real Estate Fund.  The team was led by Global Head of Real Estate, Imogen Moss.