Another impressive Croydon heritage building is being placed on the property market, potentially to be bought for residential development.
Going, going…: Coombe House, next to Lloyd Park, previous Cedars and then Oakwood School is up for sale at £6m
The 263-year-old GradeII-listed Coombe House sits next to Lloyd Park, and has a host of period features, including what was thought to be carvings by Grindling Gibbons and what was rumoured to be the beginnings of a tunnel through to Addington Palace.
Once used by the NHS as a therapy centre, when known as Geoffrey Harris House, it was most recently the home of Catholic prep Oakwood School. With Oakwood’s pupils and staff having moved out a year ago to relocate to Upper Norwood, the owners, PACT Educational Trust, have put the building and its generous grounds up for sale at a guide price of £6million.
It’s the second large-ish school site to be put up for sale this month, swiftly following the marketing of the Melville Avenue, South Croydon, site of Old Palace Girls’ prep school (£7million, in case you are interested).
The building has been vacant for almost 12 months, after £13,500 per year (including lunches, but before VAT) fee-paying Oakwood moved to Central Hill to join with two other PACT schools at what used to be the Virgo Fidelis state girls’ convent school.
“Although it is with mixed feelings that we offer this treasured site for sale, our changing needs have made it clear that now is the right time for new perspectives,” Adrian Forastier, a PACT trustee, said this week.
“We hope that the new owner will respect the rich educational history of the property and continue its use as a learning institution,” Forasteier said, before acknowledging that they could end up flogging the building to a housing developer: “We recognise the site’s vast potential for other uses and remain open to possibilities.”
Impressive: its wooden staircase and paneling made for a grand entrance hall for a school for small children
No need to read between the lines there, then.
PACT has appointed Knight Frank, who refer to themselves as a “global property consultancy”, rather than anything as tawdry as an estate agent, to handle the sale.
According to their details, the site is 4.6 acres, “featuring approximately 26,630sqft of existing floor space”.
Oakwood also leased from the council the use of sports pitches in Lloyd Park.
Knight Frank write: “At the heart of the property stands Coombe House, a Grade II-listed building dating back to 1761. This historic structure, along with more recent additions, offers potential for refurbishment or redevelopment, subject to necessary permissions. In addition to Coombe House, the sale includes several other educational buildings and extensive outdoor space, as well as an 18th-century Ice House within its grounds.
“The site boasts a fascinating history, having served various purposes since its construction in the 18th century. The site’s most recent use was as an independent school educating pupils aged 3-11, but its versatile nature opens up a range of possibilities for future educational or alternative uses. Originally built as a residential home, it has been a convalescent home for army officers, the country’s first school for children with cerebral palsy, and a residential care home.”
The estate agents describe the sale as representing “a rare opportunity to acquire a substantial freehold property with a rich educational heritage and significant development potential”. It has a “sought-after London location” and its “expansive grounds” make it, they say, “an exceptionally versatile asset”.
They say, “Its location offers excellent connectivity to central London while providing a spacious, green environment adjacent to 114 acres of parkland – a rare balance that is increasingly hard to find in today’s market.”
Leafy situation: estate agents emphasise the building’s positioning nestled next to Lloyd Park. They don’t mention that it is just across the road from a big pub
Some local property professionals suggest that the Oakwood valuation is a “bit punchy”, but that PACT’s delay in offering it for sale suggests that they are in no hurry to cash-in on the property.
Another listed school building, Grade I Wickham House, near Coney Hall, sold at the beginning of 2024 for about £1.75million, which recognised significant heritage repair costs (for which the new owners might seek public grants of more than £1million towards the cost).
PACT have some recent experience of costs for heritage buildings: when they took over Virgo Fidelis, they agreed to spend £5million on repairing the Gothic pile. Coombe House’s listing status will undoubtedly create costs for whoever buys it, for whatever purpose, its cramped interiors and run-down out-buildings possibly making less attractive for educational organisations.
And then there is the VAT thing: with up to 20% to be added to private school fees, “A lot of small independent schools in Surrey will not cope with the loss of pupils because of the fees increase, so there will be a lot cramped school sites like Oakwood coming on to the market in the next 18 months or so,” according to one source.
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