Staycity secures the design-led Middlesex Street Aparthotel, London EC1
December 16, 2020 9:56am
Saxbury, the serviced apartment real estate specialists, together with with joint agent MRP Group, have secured Dublin-based aparthotel operator Staycity as the operator of 92 Middlesex Street, London EC1 on a 30-year FRI lease operating under its premium brand, Wilde Aparthotels by Staycity.
An exciting design-led aparthotel redevelopment, 92 Middlesex Street promises to be the jewel in Wilde’s crown thanks to its high specification, historic façade and fabulous location in the trendy East, moments from Liverpool Street Station and the City of London.
The Wilde Aparthotels by Staycity brand draws inspiration from the famed Dublin son Oscar Wilde. With luxurious aparthotels in Berlin, Edinburgh and London’s Covent Garden, Wilde “will delight those seeking a home from home that’s rich on charm, personality, style, elegance, creativity, quirkiness and originality,” says the company.
Glenwell Group, the owner and developer, is a well-established residential, commercial and co-living developer and landlord. They originally approached Saxbury in January 2019 whilst in the process of acquiring the asset and had planned to redevelop the building for their own serviced apartment operation.
After several months of consulting with Saxbury, Glenwell Group recognised the benefits and opportunity presented by securing an experienced and reliable long-term tenant operator, from both the income perspective and the investment value. It was vital that a first-class operator was selected and after a highly successful marketing campaign and competitive bid process by the joint leasing agents, a deal was struck with Staycity Group at the end of 2019.
‘Having agreed Heads of Terms at the end of last year, Covid19 certainly slowed down the legal work and planning process, but despite the uncertain times the deal finally completed at the end of August and both the landlord and tenant are very pleased with their new partnership’, said Adam Lowenthal, Co-Founder of Saxbury.
Wilde Aparthotels by Staycity, Middlesex Street is due to open in Spring 2022 and will comprise of between 90 and 107 bespoke aparthotel suites, a grand reception area, café and lounge area. Like Wilde’s other aparthotels, the luxurious suites will include features such as fully equipped kitchens or kitchenettes with Nespresso machines, smart TVs, Hypnos mattresses and Grohe rainfall showers, combined with the ease of hotel services such as a 24-hour reception, guest laundry and weekly housekeeping.
Neil Short, Staycity’s Development Director, London commented: “This is an exciting opening for Staycity with this fantastic location in the middle of one of London’s most vibrant areas, just a short hop from Liverpool Street Station & Spitalfields Market. Our Wilde brand has gone from strength-to-strength since we opened the first in London’s Covent Garden, with guests really enjoying its vivacious playful design and luxury touches. We are 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 diligently working through difficult times to conclude this exciting deal. Staycity were delighted to be chosen as preferred operator from a strong pool of competitors. The subsequent strength of the partnership approach adopted by both parties underpinned by Staycity’s resilient business model and strong covenant enabled a successful conclusion to the deal.
Saxbury acts as part of the inner sanctum of advisers and decision makers for its clients, creating a winning strategic alliance for each serviced apartment and aparthotel project. The team have worked in this sector since it first emerged over a decade ago and have over 50 years of combined experience. Saxbury is the most experienced group of real estate advisers for this asset class and encourages interested parties to contact the team for advice on their next move within this flourishing sector.
You can read more about Saxbury at www.saxbury.com
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Award-winning Staycity Group is a privately held company based in Dublin established in 2004 by CEO Tom Walsh and his brother Ger. The company has since become Europe’s leading independent aparthotel operator, offering quality short-term and long-term aparthotel lettings in 12 central city locations across Europe. The properties operate under the Staycity Aparthotels and Wilde Aparthotels by Staycity brands.
Staycity’s properties appeal to both business and leisure travellers who are looking for a more user-friendly, cost-effective alternative to hotels. The apartments are typically made up of studios, one-bedroom and two-bedroom units with 24-hour reception, kitchens or kitchenettes, a dining area, sitting area as well as complimentary Wi-Fi access, guest laundry facilities and weekly housekeeping. Most sites have car parking and many offer a gym, guest lounge and Staycafé selling breakfast, all-day snacks and drinks.
The company’s fast-expanding estate includes properties in Berlin, Birmingham, Dublin, Edinburgh, Liverpool, London, Lyon, Manchester, Marseille, Paris, Paris Marne-la-Vallée, Venice Mestre, and York. www.staycity.com