Lovat Lane
City of London
Keys: 41
Tenant: An established corporate housing company
Lease terms: 20 years / Index-linked / FRI
Use class: Sui Generis
Acting on behalf of the landlord, AA London Five, Saxbury identified the ideal operator for these central London apartments minutes from Monument Station
Saxbury was approached at the height of lockdown by an investor and long-term business contact. The asset in question was a 41-key collection of serviced units consisting of 23 studio apartments, 17 one-bedroom apartments and one two-bedroom penthouse.
The tenant was in default and had requested to surrender the lease. Meanwhile, the landlord was conscious that many operators were handing back serviced apartments due to lockdown and the widespread uncertainty in the hospitality sector.
Tapping into its global operator network, Saxbury seized the opportunity and swiftly mounted an off-market operator search campaign. An operating partner was identified that was happy to take a longer-term view to secure a piece of prime real estate in the capital. Matters concluded with the selection of a new tenant, securing the income for a new 20-year term.
TESTIMONIAL
“Saxbury was the go-to when our building became vacant. Despite the COVID effect, Ben managed to generate multiple offers from operators and was even successful in bridging gaps during lease negotiations, securing index-linked income for the next 15 years”
- Louai Alassar - AA London Five
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