Serviced apartment real estate specialists Saxbury and joint agent MRP Group have secured Dublin-based aparthotel operator Staycity as the operator of a currently-in-development aparthotel at 92 Middlesex Street in London on a 30-year full repairing and insuring (FRI) lease.
The 92 Middlesex Street venue is a design-led aparthotel redevelopment that will feature a historic façade.
The owner and developer of 92 Middlesex Street is Glenwell Group, which is a well-established residential, commercial and co-living developer and landlord.
Glenwell Group approached Saxbury in January of 2019 while in the process of acquiring the asset, and had planned to redevelop the building for their own serviced apartment operation. However, according to Staycity, after several months of consulting with Saxbury, Glenwell Group came to recognise the benefits and opportunity presented by securing an experienced long-term tenant operator for the property, and, following a marketing campaign and a bid process by the joint leasing agents, a deal was struck with Staycity.
The 92 Middlesex Street venue is due to open in the spring of 2022 and will be operated under Staycity's premium Wilde Aparthotels by Staycity brand. The venue will include between 90 and 107 aparthotel suites, a reception area, a café and a lounge area.
"Exciting"
In a statement published in Staycity's website, Staycity development director Neil Short said, "This is an exciting opening for Staycity with this fantastic location in the middle of one of London's most vibrant areas, just a short hop from Liverpool Street Station and Spitalfields Market."
Staycity group development director Brian Hickey added, "Great credit is due to Glenwell Group and Saxbury for diligently working through difficult times to conclude this exciting deal. Staycity were delighted to be chosen as preferred operator from a strong pool of competitors. The subsequent strength of the partnership approach adopted by both parties underpinned by Staycity's resilient business model and strong covenant enabled a successful conclusion to the deal."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
