Lendlease has been appointed as the preferred contractor to develop a £40 million office building next to East Croydon Station in London.

Schroder UK Real Estate Fund (SREF) and Stanhope Plc has appointed the company to build the first of five developments at the partnerships £500 million businesses, residential and leisure quarter, Ruskin Square.

Work on the building has now commenced, with the creation of 200,000 sq ft of flexible office accommodation and independent retail space on the ground floor.

Completion is expected in autumn 2016.

Ruskin Square's 1.25 million sq ft of new office space will meet the growing demand from occupiers across the Capital and South East for Grade A office accommodation.

Overall, the development totals 2 million sq ft and will provide 625 residential units along with 100,000 sq ft of retailing cafes, restaurants and public space.

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Work on the first residential phase at Ruskin Square began in July 2014, with Places for People appointed to build and manage the development of 161 high quality homes.

These are due for completion in 2016.

Neil Martin, Managing Director, Construction at Lendlease, said: "We are looking forward to working with Stanhope and Schroders on this pivotal development in a part of South London that is set to undergo a remarkable transformation over the next few years.

"Adding to our high–profile portfolio of major London construction jobs, the contract is testament to the strong relationships we have with our clients and our expertise in building mixed-use regeneration schemes."

James Lass, Fund Manager, Schroder UK Real Estate Fund, said: "Croydon’s reputation as a major business hub continues to grow apace and the commencement of the office element at Ruskin Square paves the way for us to deliver high quality, flexible accommodation for Croydon’s rapidly growing business population.

"We are already engaged in detailed discussions with prospective tenants and are confident that occupier interest will only continue to grow as we embark on this next phase of construction."

Jason Margrave, Development Director, Stanhope plc, said: "The appointment of Lendlease is a key milestone as we now commence the first office building at Ruskin Square."

(LM)