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Penta Real Estate and Staycity Group have announced a joint venture worth more than £230 million to deliver a new 350-room aparthotel in Farringdon, central London, operating under Staycity’s Wilde brand.
The partnership will see Central European developer and investor Penta Real Estate take an 80% stake, with Staycity Group holding the remaining 20%.
The development will represent Staycity Group’s seventh site in London, adding to its existing portfolio of approximately £700 million in gross development value (GDV) of hotels under development in the capital.
Located near Holborn Viaduct, the project will redevelop the Morley House site into an 11-storey aparthotel, benefiting from transport connections including the Elizabeth line, Thameslink and London Underground services.
Altius Real Estate will act as development manager, having played a key role in securing full planning consent. Construction is expected to begin following the demolition of the existing office building, with completion currently anticipated in 2029.
The development will combine apartment-style accommodation with hotel services, offering rooms equipped with kitchens and facilities designed for short and extended stays.
Plans also include commercial office space and the refurbishment of the Grade II listed City Temple Church, preserving an important community and heritage asset.
The ground floor will be accessible to both guests and the public, featuring a café, bar and co-working lounge areas. Hotel guests will also have access to a 24-hour reception and additional services.
The investment follows Penta Real Estate’s £1 billion joint venture with Ballymore, which is expected to deliver more than 1,000 new homes across three London locations.
Pavel Streblov, Country Managing Director, Penta Real Estate, said:
“This is a really exciting project in a lively and dynamic part of London. Staycity Group has a great track record of delivering and operating attractive aparthotel accommodation to meet strong and growing demand in central London and we are looking forward to embarking on this first JV with the brand. At Penta, we have significant investment appetite for London and delivering high-quality, sustainable and thoughtful development projects in vibrant locations such as Farringdon truly plays to our strengths.”
Barry Hickey, Managing Director, Real Estate Development, Staycity Group, added:
“We are pleased to be working alongside Penta Real Estate and Altius Real Estate to deliver this large-scale London project for our boutique, lifestyle brand, Wilde. Farringdon has long been a centre for culture and design, a hub for London’s food scene, and a prime location for offices, making it a very strong location for a Wilde aparthotel.
“The Morley House scheme represents the Group’s largest transaction to date and our second large-scale Wilde offering in London, following the opening of our Paddington location in 2021. This cements our position as a significant player in the London real estate market, having structured the transaction, convened key partners and secured investment from leading global financial institutions.”
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