Saxbury secures Staycity for landmark London aparthotel
The historic partnership was made with Dublin-based operator Staycity
Saxbury, the operational real estate specialist, has announced a deal with Staycity, following the news that the Ireland Strategic Investment Fund will take a 13% equity stake in the company. The two firms have bucked the pandemic downturn with a landmark aparthotel deal in the heart of the City of London. The redevelopment of the Middlesex Street Aparthotel, located near Petticoat Lane and Liverpool Street Station, will reinstate original features including beautiful green tiling of the historical façade, to deliver an exciting design-led scheme.
Landlord and developer Glenwell Group, who work across residential, commercial and co-living, first approached Saxbury in January 2019 while in the process of acquiring the asset. Initially, they had planned to redevelop the building for their own aparthotel operation but consulting with Saxbury convinced them of the myriad opportunities to be gained from working with a highly experienced, first-class operator to maximise both income and investment value.
Together with joint agents, Saxbury secured Staycity on a 30-year FRI lease. After a highly successful marketing campaign and a competitive bid process, a deal was struck with Staycity Group to operate under its premium brand, Wilde Aparthotels By Staycity. Drawing inspiration from Oscar Wilde, the operator promises to, “delight those seeking a home from home that’s rich on charm, personality, style, elegance, creativity, quirkiness and originality”.
“Having agreed Heads of Terms at the end of 2019, Covid-19 certainly slowed down the legal work and planning process,” said Adam Lowenthal of Saxbury. “We’re delighted that, despite these challenging times, we were able to secure this partnership with Staycity as it enters a new chapter with ISIF backing.” Wilde Aparthotels by Staycity Middlesex Street is set to open in Spring 2022 with a large number of bespoke aparthotel suites, a grand reception, café and lounge area.
Neil Short, Staycity's Development Director for London, said, “This is an exciting opening for Staycity, with this fantastic location in one of London’s most vibrant areas. Our Wilde brand has gone from strength to strength since we opened the first in Covent Garden, with guests enjoying its vivacious playful design and luxury touches. We’re looking forward to taking the brand into Middlesex Street where we believe it will prove a perfect fit.”
Barry Hickey, Staycity’s Group Development Director, added, “Great credit is due to Glenwell Group and Saxbury for working diligently through difficult times. Staycity were delighted to be chosen as the preferred operator from a strong pool of competitors. The subsequent strength of the partnership adopted by both parties, underpinned by Staycity’s resilient business model and strong covenant, enabled a successful conclusion of the deal.”
Source: Serviced Apartment News
