Legal & General Buy Nestle Building

The property arm of Legal & General the well known insurance giant have announced that as part of a wider deal they have purchased Nestle’s St George’s House with Nestle having taken up a 20 year lease on the office in Gatwick which are owned by Legal and General.

When we announced the Nestle move it was seen as a blow to Croydon’ economy, but will this latest news mean a brighter future? The answer to that question is very much up in the air as meetings are to proceed between the new owners and Croydon Council who have already indicated that they will be revisiting their Master Plan in the light of the L & G acquisition.

Perhaps the big fear now presenting itself is the possibility that the new owner will possibly consider conversion of the property to residential flats rather than maintain its use as business premises with the employment which that brings back to Croydon.