According to Housing News, Affinity Sutton will invest £20m in the scheme to create 99 new affordable homes.
Once completed, families, couples and single people will be able to move into the apartments which are available for affordable rent and shared ownership.
It is understood the redevelopment of Bedford House will begin this summer and will consist of the construction of 22 one-bed, 24 two-bed, 15 three-bed and three four-bedroom apartments. There will also be 14 one-bed and 21 two-bed homes for shared ownership accommodation.
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Councillor Jason Perry, Cabinet Member for Planning, Regeneration and Transport, said: "This substantial investment by Affinity Sutton unlocks a commercial site that had been dilapidated for a few years and had a blighting effect on London Road. Their investment also signifies resounding confidence in the regeneration of London Road."
Affinity Sutton's Regional Development Director, Phil Griffiths, added: "We are very pleased to have this opportunity to work with Croydon to provide much needed affordable homes for residents of Croydon. The development will positively contribute to the on-going regeneration of the town."
(JP/IT)
