The Moorgate
City of London
Keys: 27
Tenant: SACO (A Brookfield company)
Lease terms: 15 years / Index-linked / FRI
Use class: Serviced Apartments (C1)
A Grade II-listed building, in the heart of the City of London, comprised of four terraced properties converted into 27 luxury suites
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 in 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 the requirements.
We then worked alongside our client to complete the design process. We were able to draw on over a decade of experience working with operators of serviced apartments and apart-hotels, to ensure the building exceeded industry standards of design and finish – 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 space was finally granted planning as a boutique aparthotel (C1).
Saxbury was 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 of its type in the City of London, this Grade II-listed building consisted of four terraced properties converted into 27 luxury suites ranging from 28-square-metre studios to 44-square-metre, open-plan one-bedroom apartments. The façade was retained, while the internal building has been redesigned by award-winning architects Lifschutz Davidson Sandilands.
The Saxbury team approached a list of national and international hotel, aparthotel and serviced apartment operators, leading to interest from a variety of parties. Though there are a handful of serviced apartments in the City of London, there are none of this size or quality in such an excellent location – which created a keenly competitive dynamic between bidders.
After a tight bidding process, we advised our client to agree on heads of terms with the incoming operator and concluded the transaction at the beginning of 2017.
TESTIMONIAL
“There is no doubt that Saxbury played a critical role in successfully delivering The Moorgate aparthotel project. We have not seen this level of expertise and insight anywhere else in the market”
- EPIC Group
If you are a developer or investor with a similar property and would like to know whether it would be suitable for serviced apartment use, contact our expert team.
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