Part of £100m property acquisition programmeSACO The Serviced Apartment Company has finalised the acquisition of a new property in London which will become one of its new lifestyle aparthotels.
The new 13,000 sq. ft. (gross) 5-storey property, acquired from Galliard Homes and Redington Developments, is located on Buckle Street and will form an extension to SACO’s new 168-unit aparthotel on Leman Street, which is scheduled to open in the fourth quarter of 2016.
The property on Buckle Street is currently configured as an office building. SACO intends on converting the property into a 78-unit aparthotel with plans to open in the second half of 2018.
The new property is one of a five new SACO aparthotels currently scheduled to open in the next three years. The first on London’s Cannon Street will open in phases from later this month. Later this year, SACO will open its first lifestyle aparthotel on London’s Leman Street, and SACO will launch two such lifestyle aparthotels in Edinburgh in 2017.
The Buckle Street property is the first of a number of acquisitions planned for the next 12 months as part of a £100 million investment programme.
The development of these properties is being managed by the SACO Development Group, which was formed following the appointment of a team of specialist managers who joined SACO from Union Hanover, the founders of Urban Villa.
Eric Jafari, Managing Director of Development at SACO, who leads the SACO Development Group, says: “This acquisition will enable us to grow our lifestyle aparthotel presence in the city, and heralds the start of a £100m acquisition programme planned for 2016.”
“Serviced apartments is the fastest growing element of the hospitality sector, and our investment in new property will enable us to remain at the forefront of the evolution in this rapidly changing sector.”
The SACO Development Group specialises in delivering development projects in UK and European city centres, with a focus on creative design when developing aparthotels, serviced apartments, and Private Residential Schemes (PRS), in order to meet the evolving needs of today’s travellers.