The Saxbury team has been advising on a new apart-hotel development, The Moorgate, in the City of London, since 2016. We’re now delighted to see the development finally come to fruition, with the selected operator, SACO, set to open the property in early December 2018.
The Moorgate is a Grade II listed building that occupies a prime corner site of Moorgate and London Wall. It previously consisted of four terraced properties, and with the help of award-winning architects, Lifschutz Davidson Sandilands, the building has now been converted into 27 luxury one and two-bedroom suites.
We began by providing our client with a comprehensive feasibility study, modelling detailed scenarios and routes to market. Our depth of experience of the London property market enabled us to make careful comparisons between the serviced apartment, retail and commercial sectors, and identify the optimal use for the property that most suited our client’s requirements.
We then worked alongside our client to complete the design process. We were able to draw on over a decade of experience of working with apart-hotel operators, to ensure the building exceeded industry standards of design and fittings and excelled in the key requirements that many operators now look for in a building.
Through careful liaison with all interested parties, and meticulous attention to detail, the building that was originally acquired as temporary office accommodation was finally granted planning for a C1 apart-hotel.
Saxbury were then instructed to find a suitable operator and secure a 15-year FRI lease. The team approached a list of international and national hotel, apart-hotel and serviced apartment operators, leading to interest from a variety of parties. Although there are a handful of serviced apartments in the City of London, none are of this size and quality and few can boast such an ideal location. This created a keenly competitive situation between bidders. After a tight bid process, we advised our client to agree heads of terms with SACO and concluded the transaction at the beginning of 2017.
Our client, at EPIC Group commented:
“There is no doubt that Saxbury played a critical role in successfully delivering our apart-hotel project, we have not seen this level of expertise and insight anywhere else in the market.”
If you own a development similar to The Moorgate and are wondering whether it would suit serviced apartment use, contact our team of experts to get a free appraisal on your building.