The new £500M Ruskin Square development by Stanhope signed its first tenant, HM Revenue and Customs. The tax authority leased Building 1, Ruskin Square, for 25 years, marking the first step in HMRC’s plan to create 13 state-of-the-art regional centres.

HMRC will take all of the nine-storey building except two ground-floor retail units.

The nine-acre Ruskin Square scheme is part of Stanhope and investor Schroder’s regeneration of Croyden. The first office block is already underway, the first phase of housing is nearing completion and the developer has planning permission for a second office block. The development will deliver a vibrant collection of commercial, housing and leisure offerings.

Stanhope expects HMRC to start fit-out in November 2016. HMRC anticipates the first staff will move in summer 2017. There is also an option to lease further space at Ruskin Square.

The building will house around 2,500 civil servants from across HMRC, including specialist teams who will work on debt management, fraud and criminal investigations, and tax compliance.