Under the plans, the vacant 12-storey St Anne's House will be refurbished and redeveloped into a 144-bedroom hotel to occupy the lower six floors and 46 new flats across the upper six floors.
The scheme forms part of a wider redevelopment of Croydon town centre, which is also expected to include a major redevelopment of the Whitgift Centre.
“St Anne’s was an out-dated building and so we are very pleased to have been able to execute our asset management strategy, transforming this underperforming property into an income generating asset that will deliver long term returns for our shareholders," said Redefine chief executive Mike Watters according to a report by CoStar.
"The building is ideally situated near to the Whitgift shopping centre, which, once developed, will further help transform and create long-term regeneration for this area of Greater London,” he added.
Work on the site is expected to start this month and to complete in the final quarter of 2014.
