UK: Union Hanover Securities has submitted its planning application for a £100 million scheme at Stratford City in East London.
New York-based Grzywinski + Pons Architects-designed Penny Brook
development consists of a 137-unit Adagio aparthotel and a 249-bed boutique hotel
called the Penny Brook.
The scheme includes a ground floor restaurant, a café, 1270 square metres of conference space, and a top floor restaurant and lounge. Union Hanover is in discussions with a number of food and beverage operators regarding the project.
Eric Jafari, managing director of Union Hanover Securities, said: "It is apparent to anyone paying attention to trends that East Village is London's next rising star. It boasts excellent transport links, huge retail footfall, the millions of square feet of office space under development and museums and other visitor attractions to come. The only thing missing is a destination boutique hotel anchored by a collection of best of breed food and beverage operators to serve both the local and tourist market. It is our aspiration for The Penny Brook to serve as the cultural quarter/social hub for East Village. The Adagio transaction has allowed us to finance a destination hotel on a lowly leveraged basis."
The 25-storey tower will feature four principle room types which are found from floor six through to floor 22. The 137 guest rooms of the Adagio aparthotel are split between 95 studios and 42 one-bedroom units.
Architect Matt Grzywinski said: "We are excited to be designing a signature building within the East Village. We have been very fortunate to inherit all the great foundational work done by the London Legacy Development Corporation and the firms that set out The International Quarter, the Olympic Park and the East Village. We have worked hard to ensure our contribution is both ambitious and of an appropriately high calibre befitting its setting. It is our intention that our project, while benefiting from all that Stratford already has to offer, will help catalyse its further development into an even more vibrant and dynamic neighbourhood".
Union Hanover Securities Limited is acting as development manager for its client The Penny Brook (Guernsey). It aims to begin work on the scheme before the year end.