A conditional contract was exchanged, subject to planning.
A planning consent was secured for a new 213 bed hotel on the site based on a new city hotel format – Pocket Hotel.
The long-leasehold and freehold interests acquisition was then completed.
Strong interest in the consented scheme enabled us to sell our stake in the business for a significant uplift.
The rational behind the purchase of the site was the attractive existing income stream/yield and future development potential.
A scheme was drawn up to include a 120 bed Premiere Inn Hotel, 36 extra-care apartments and a 15,000 sq ft new retail parade at ground floor level.
Due to the deterioration in market conditions in 2008 the decision was taken to concentrate on a long term hold strategy for the site.
SB2 sold their interest back to their partner.
