London's Interchange building in Croydon has just been sold for a massive £71.5m

The Interchange building in West Croydon, on the corner of Wellesley Road and Station Road, has been sold for £71.5m.

The nine-storey building, which has three vacant floors and rented office space, has been purchased by Tristan Capital Partners and CCP5.

Peter Mather, managing director of investments at Tristan Capital Partners, said: “This acquisition allows us to capitalise on Croydon’s emergence as a low-cost, high amenity alternative to London’s core office locations.

“The recently refurbished Interchange building is currently the only office located in Croydon offering 10,000 sq-ft plus Grade A space in a prominent location with excellent transport links.”

CarVal Investors, a global investment manager, and development manager Canmoor spent £15m renovating the 180,000 sq-ft former BT offices in 2014 after acquiring the building in 2013.

The new owners of the Interchange property say the project was attractive due to the fact that Croydon is becoming a must-have alternative to Central London for businesses, and has good train and bus links.

Siemens, EDF and Vitality Health are some of the building’s current companies, and although the new owner will not be moving them out, they might choose to boost rental prices.

Jody Gunderson, managing principal at CarVal Investors, commented: “We are pleased with the successful completion of this transaction.

“The property was acquired when there was almost no quality office space in Croydon and after a comprehensive refurbishment to Grade A, it [has been] leased to a strong mix of tenants.”