Mitheridge office-to-residential conversion to provide essential temporary accommodation in Croydon
Mitheridge Capital Management (Mitheridge) has agreed terms with Croydon Council for the sale, on a 999 year lease, of 73 residential units, completing yesterday. Situated within Croydon’s iconic Zodiac House, and transformed from disused and dilapidated offices into quality new flats by Mitheridge and Common Projects, the council is set to use the site for temporary accommodation.
The site of Zodiac House, made famous as ‘Apollo House’ in Channel 4’s Peep Show, was acquired by Mitheridge in mid-2020, with Common Projects since managing the conversion. Built in the 1960s, its office space has sat empty for over 30 years but, following extensive refurbishment of the existing structure, will soon welcome a new community of tenants.
Alongside the new flats, the conversion also includes two retail units, a community centre and a public square.
Through reuse of the existing structures – rather than a demolition and rebuild – the project reduced embodied carbon by 2,500 tCO2e, demonstrating the significant sustainable potential of office conversions across the city. Zodiac House is now 100% electric and fossil fuel free, with the design overseen by shedkm: an architectural firm specialising in regeneration projects.
The development will provide Croydon Council with much needed temporary accommodation and is projected to save the Council millions in homelessness spending over the coming decades. Amid a local government funding crisis, it will provide more affordable, high-quality and long-term housing solutions to some of the borough’s most vulnerable families and individuals.
Robert Chevis, Development Director at Mitheridge, said: “Though parts of it have sat empty for decades, Zodiac House has long been an iconic part of the West Croydon neighbourhood. Now, having turned unloved and unwanted office space into high-quality and much needed temporary accommodation, we look forward to it once again being a key hub for the local community.”
In Croydon, approximately 3,600 households are currently in temporary accommodation, with the Council expected to overspend on its homelessness budget by £15 million in the 2025/26 financial year.
For More Information
Please contact Luke Roberts (lroberts@nepean.co.uk / +447403297251)
Investors
IR@mitheridge.com
About Mitheridge Capital Management
Mitheridge Capital Management is a London-based alternative investment firm, specialising in real estate. Founded in 2010, Mitheridge has an established track record of generating market-leading returns – delivering Living Sector solutions for a changing world.
Through the collective experience of its team, Mitheridge combines institutional discipline with creativity and a problem-solving approach. The leadership team captures expertise and experience that extends from an asset’s inception to its operation.
About Common Projects
Established by Steve Sanham in 2020, Common Projects has from the start set out to fund and deliver developments with purpose – open, engaging and respectful of existing communities and places, and with the commercial nous to deliver on the aspirational promises. With a development pipeline of circa 1,000 homes at various stages, Common Projects is small enough for each development to be special, but big enough to start to make a difference.
About shedkm
shedkm are a collective of architects and designers based in Liverpool and London. They put together ideas and design buildings and places based on simplicity, logic and style. shedkm’s work is rooted in regeneration. Their distinctive approach results in bold, engaging schemes which are economically and socially transformative. Their work has been recognised nationally by over 100 major design awards.