Saxbury secures Staycity for London aparthotel

George Sell George Sell Uploaded 19 November 2020

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UK: Staycity is to operate the Middlesex Street Aparthotel in east London, under its Wilde brand.

Located near Petticoat Lane and Liverpool Street Station, the redevelopment of Middlesex Street Aparthotel will reinstate the features and beautiful green tiling of the historic façade, to deliver an exciting design-led aparthotel.

Developer and landlord Glenwell Group first approached Saxbury in January 2019, while in the process of acquiring the asset. Having originally sought to redevelop the building for its own serviced aparthotel operation, after consulting with Saxbury it shifted its focus to working with an experienced operator, to maximise both income and investment value.

Working together with joint agents, MRP Group and LVK Real Estate, Saxbury secured Staycity on a 30-year FRI lease. A deal was struck with Staycity Group to operate the property under its premium brand, Wilde Aparthotels By Staycity. The announcement follows the news that the Ireland Strategic Investment Fund (ISIF) is to take a 13 per cent equity stake in Staycity.

"Having agreed Heads of Terms at the end of 2019, Covid19 certainly slowed down the legal work and planning process. We're delighted that, despite these challenging times, we were able to secure this partnership with Staycity as it enters a new chapter with ISIF backing," said Adam Lowenthal, co-founder of Saxbury.

Wilde Aparthotels by Staycity Middlesex Street is due to open in Spring 2022 with an as yet undisclosed aparthotel suites, a 'grand reception', café and lounge area. Suites will include features such as fully-equipped kitchens or kitchenettes with Nespresso machines, smart TVs, Hypnos mattresses and Grohe rainfall showers, as well as hotel services such as a 24-hour reception, guest laundry and weekly housekeeping.

Neil Short, Staycity’s development director, London, said: "This is an exciting opening for Staycity, with this fantastic location in one of London’s most vibrant areas. Our Wilde brand has gone from strength-to-strength since we opened the first in London's Covent Garden, with guests enjoying its vivacious playful design and luxury touches. We’re looking forward to taking the brand into Middlesex Street where we believe it will prove a perfect fit.”

Barry Hickey, Staycity’s group development director, added: "Great credit is due to Glenwell Group and Saxbury for working diligently through difficult times. Staycity were delighted to be chosen as the preferred operator from a strong pool of competitors. The subsequent strength of the partnership adopted by both parties, underpinned by Staycity’s resilient business model and strong covenant, enabled a successful conclusion of the deal."

 

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