It is dubbed the '50p building' for its unique apperance, but one an investment giant has coughed up rather more than that for one of Croydon's most iconic towers 

Hermes Investment Management spent £36m to buy the One Croydon office block just weeks after shelling out £33m for another famous town-centre building.

Last month Hermes Investment Management announced it had bought Grants Entertainment Centre, the building that houses Tiger Tiger, Vue cinema and Virgin Active gym, for £33m.

It has now acquired the 23-storey property commonly known as the 50p building, which consists of 170,271 sq ft of office space and comes with 170 parking spaces, from owners WGOL and Princeton.

One of the big signings to occupy the building is the University of Sussex which is renting two floors, totalling 14,472 sq ft, for its Sussex Innovation Centre.

It will be the base for 30 high-growth potential companies with more than 300 employees.

Over the next three years the university anticipates the tenants will generate £6m in turnover and raise £1m in investment.

Other tenants in the building include the design, engineering and project management consultancy Atkins Global and the internet telephone service provider Natterbox.

Hermes real estate chief executive Chris Taylor said: "Croydon town centre is undergoing significant regeneration with major new regional shopping and leisure facilities, enhanced public realm, new urban housing and excellent transport infrastructure. 

"We believe One Croydon will benefit from its pivotal position at the heart of the town's exciting future as a dynamic commercial centre close to central London."