STAYCITY ANNOUNCES £40M INVESTMENT IN STRATFORDPublish date: Tue 23 May, 2023
DUBLIN, 18th MAY 2023: European aparthotel operator Staycity Group, through its associated development arm, has acquired a 0.06 hectare site in Stratford, East London, for the development of a 240-apartment Staycity Aparthotel property due to open in the second half of 2026.
The project, representing an investment of £40m for purchase, planning and construction, is to be developed by Staycity’s own property development arm and will be made up of 240 studio and one-bed apartments with facilities to include workstations, a gym, café, bar, lounge, guest laundry and shop. The development, which will have a strong focus on sustainability, is expected to attract a potential guest profile of around 60:40 leisure/business.
The deal is the first unconditional site acquisition for Dublin-based Staycity, who will look to forward fund the investment once planning consent is secured, taking an operating lease back. Staycity purchased a long leasehold of the land from a private vendor, represented by Savills. The freehold of the site is owned by shopping centre owner and developer Unibail-Rodamco-Westfield.
The Stratford location is in an area currently undergoing dramatic development including the building of a state-of-the-art international live music and entertainment center, MSG Sphere, with events planned for 300 days of the year. The site is also close to the UK’s busiest shopping centre, Westfield Stratford City and just a few metres from Stratford central tube and rail station and the new Elizabeth tube line providing access to Tottenham Court Road, Liverpool Street and Canary Wharf all in under 15 minutes.
“We have long admired Stratford and seen it steadily improve since its Olympic reinvigoration. The location is fantastic with excellent links by train and tube, including to the Eurostar and Europe beyond,” commented Neil Short, Staycity Group’s Development Director – London. “We look forward to playing a part in Stratford’s outstanding growth story.”
Dublin-based, privately-owned Staycity Group was founded in Dublin in 2004 by CEO Tom Walsh and his brother Ger and has since grown to become one of Europe’s leading aparthotel operators. The properties, which operate under the Staycity Aparthotels and the premium Wilde Aparthotels brands, appeal to business and leisure travellers offering central city locations, well-equipped, modern apartments, fantastic customer service and facilities that include a guest laundry, gym, lounge, café and 24-hour reception.
Staycity currently operates nearly 6,000 apartments across 32 properties in France, Germany, Ireland, Italy and the UK. Future openings are planned for London, Paris, Munich, Amsterdam, Lisbon, Porto and Cambridge with many more exciting cities still to come – the goal is to make Staycity Europe’s largest aparthotel brand with over 15,000 apartments by 2028. www.staycity.com
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