UK: SACO The Serviced Apartment Company has acquired a property in Buckle Street, London E1, for conversion to a 78-unit aparthotel.
The 13,000 square foot five-storey property, acquired from
Galliard Homes and Redington Developments, will form an extension
to SACO's 168-unit aparthotel on Leman Street, which is scheduled
to open in the fourth quarter of 2016.
The Buckle Street property is currently configured as an office building. SACO intends to convert it into a 78-unit aparthotel, with plans to open in the second half of 2018.
The new property is one of five new SACO aparthotels currently scheduled to open in the next three years. The first, on London's Cannon Street, will open in phases from later this month. Later this year, SACO will open its first lifestyle aparthotel on London's Leman Street, and two further aparthotels in Edinburgh in 2017.
The development of these properties is being managed by the SACO Development Group, which was formed following the appointment of a team of specialist managers who joined SACO from Union Hanover, the founders of Urban Villa.
Eric Jafari, managing director of development at SACO, said: "This acquisition will enable us to grow our lifestyle aparthotel presence in the city, and heralds the start of a £100 million acquisition programme planned for 2016. Serviced apartments is the fastest growing element of the hospitality sector, and our investment in new property will enable us to remain at the forefront of the evolution in this rapidly changing sector."