OakNorth Bank has completed a £10.3m loan to a private property company to refurbish Electric House in Croydon which Croydon Council granted planning permission last year for the four-storey building to be converted into accommodations for London South Bank University (LSBU), including a lecture theatre, classrooms and a cafe.
The university signed a 15‐year lease on the 56,000 sq ft building close to Croydon station.
The new campus, part of the Mayor of London's £1.4bn scheme to regenerate Croydon town centre, will be for students studying health, social care, business and finance, with courses expected to start in September 2021 and will become LSBU's second campus outside central London.
The scheme forms part of a broader £5.25bn regeneration programme in the Borough which will include a retail and leisure complex, seven new hotels, almost three million sq ft of office space and 10,500 new homes.