Leading serviced apartment operator Staycity has signed a 35-year lease on a site in London’s prestigious Covent Garden, giving the company 106 studio apartments.
Staycity Covent Garden will open for business in December 2015 featuring a contemporary, luxury interior. The design will spearhead what will be the first of a deluxe Staycity brand planned for premium city centre locations.
The interior design will be handled by Dublin-based Heneghan Peng Architects, whose previous commissions include the Grand Egyptian Museum in Egypt, the Giant’s Causeway Visitor Centre, and the School of Architecture in Greenwich, London.
Exciting place to operate
Covent Garden is one of London’s most popular tourist areas attracting some 44 million worldwide visitors every year to its markets, street theatres, up-market shops, Royal Opera House and vibrant restaurant and bar scene.
Said Staycity CEO Tom Walsh: “Covent Garden will be an exciting place for Staycity to operate. It’s a location surrounded by four- and five-star hotels so the aim is to give our guests the eye-catching, cutting-edge feel of a top-end hotel, while offering the fantastic value-for-money of a serviced apartment.
“Our existing London properties – Greenwich and Heathrow – are trading with very strong occupancies so we are confident Covent Garden will be hugely popular given its position in this bustling part of the capital.”
The Covent Garden deal follows the acquisition of the building on The Strand by LaSalle Investment Managers on behalf of Coal Pension Fund. The developer for the site will be Galliard.
Staycity has over 1,000 apartments across eight European cities including Birmingham, Dublin, Edinburgh, Liverpool, London Heathrow, London Greenwich, Manchester, Paris and Amsterdam. The company is on target to expand to 5,000 apartments over the next five years.
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