THE MOORGATE, CITY OF LONDON
The Moorgate occupies a prime corner site of Moorgate and London Wall. The Saxbury team has been advising on the project for several years.
We began by working with our client on 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 operators of serviced apartments and apart-hotels, 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.
The next phase was advising on the detailed drafting and presentation of planning applications. Through careful liaison with all interested parties, and meticulous attention to detail, a 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 for this luxury serviced apartment building in the heart of the Square Mile. One of the most exclusive serviced apartment buildings in the City of London, this Grade II listed terrace consists of four terraced properties that will be converted into twenty-six luxury suites ranging from 28 square metre studios to 44 square metre spacious open plan one-bedroom apartments. Although the façade will be retained, the internal building will be designed by award winning architects Lifschultz Davidson Sandilands.
The Saxbury 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 the incoming operator and concluded the transaction at the beginning of 2017.
Developers and investors, if you have a similar property to The Moorgate and want to know whether it would be suitable for serviced apartment use, contact our team of experts for a free appraisal.