Aprirose, the real estate investment company, has acquired a site located on Dalston’s Kingsland Street for the development of a £40 million aparthotel.
Planning permission has been granted for a purpose-built 121-room scheme, named Kingsland Locke, with completion expected in April 2020.
Aprirose has appointed SACO Property Group, a leading serviced apartment company, as development manager to oversee the build through to practical completion and operate the finished scheme under a management agreement.
The aparthotel will be run under the Locke brand.
The aparthotel will combine aspects of a boutique hotel with serviced apartments. Comprising 121 studio and one-bed units over five floors, the building will include a restaurant, cocktail bar and a state of the art co-working space for 152 guests, as well as a fully-equipped gym.
Manish Gudka, CEO at Aprirose, said: “The acquisition of the Kingsland Road site marks our first move into this exciting and growing sector.
“The development of the Kingsland Locke aparthotel presents a unique opportunity to build and operate a hotel, residential and co-working offering in the rapidly regenerating Dalston area.
“Dalston is a very attractive location as an emerging hotspot for millennials in the booming tech and creative sectors which are expanding out of Shoreditch and King’s Cross due to the increased expense of these areas.
“There is an undersupply of aparthotels in this part of London making the Kingsland Locke development a strong edition to our real estate portfolio.
“With planning permission granted we can move forward with the build having appointed SACO Property Group to deliver it.
“They are one of the premier extended-stay operators in the UK and have a wealth of experience operating aparthotels in London.”
Andrew Fowler, Acquisitions Director at SACO, said: “Our partnership with Aprirose on Kingsland Locke represents an exciting addition to the Locke family.
“Dalston is an ideal location for Locke. We look forward to working with Aprirose to delivering a unique experience that reflects the locality.”
The Kingsland Locke site in Dalston has access to varied neighbourhood amenities including community gardens, a fringe theatre and a number of restaurants, bars and shops.
The site, presently occupied by a Tesco Express, is in prime location within a two-minute walk of Dalston Junction Station and in close proximity to Silicon Roundabout, King’s Cross, Liverpool Street, Bank and Shoreditch High Street stations.
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