In 2017, HMRC relocated to the newly finished 1 Ruskin Square, a nine-storey building, securing a 25-year lease for the entire 180,000 sq ft structure. The recent transaction is part of the government’s initiative to broaden its property holdings and centralise its presence in various office hubs.

A spokesperson from HMRC commented, “This acquisition provides cost-effective solutions and aligns with the government’s property strategy, emphasising the broader goal of diversifying its property portfolios.”

The development of the expansive Ruskin Square scheme, spanning nine acres, was undertaken by Schroders and Stanhope. In March of the previous year, they finalized a £267.6m deal, selling 2 Ruskin Square, which houses the Home Office, to PIC.

These adjacent office buildings constitute a new government hub adjacent to East Croydon train station. Staff from three other Croydon offices, including Lunar House, are scheduled to relocate to Ruskin Square by the upcoming summer.

The Home Office committed to a pre-let for the second building of Ruskin Square, encompassing 330,000 sq ft, completed the previous year. The third building, spanning 290,000 sq ft, is set to be finished later this year and is available for pre-let. Plans for a fourth office building at the site are in progress.