Pre-letting of a 156 bed hotel in Whitechapel

73-77 Commercial Road is a new build development opportunity occupying a prominent corner site, located a few minutes from Aldgate East Underground station. A number of residential and commercial redevelopment options were discussed, including a potential hotel scheme for the site.  

The opportunity to pursue a full hotel application on the site had been closely explored as part of the initial feasibility work and the initial strong activity from the budget hotel sector already in the City fringe markets. This led to our introduction of StayCity Hotel Group and the negotiation of an agreement for lease on the entire scheme, conditional to planning permission.  

With planning permission successfully granted for a 156 bedroom hotel, we agreed rent at £16,500 per room / £2,580,000 per annum.