A Pervaiz Naviede Family Trust company, Middlehaven Investments and LPC 1 have secured planning permission for a 31,185 sq ft, 88-room Travelodge hotel and 2,260 sq ft ground-floor retail space on Mile End Road in Stepney, E1.
The hotel, located 60m from Stepney Green Tube station, is the third joint venture for PNFT and Travelodge, following successful developments of hotels in Greater Manchester and London.
Both were subsequently sold as long-term investments to Cordea Savills and TH Real Estate respectively.
Over the past five years, Travelodge has opened more than 50 new hotels, which represents an approximate investment value of more than £600m for third-party investors, and created more than 2,000 new jobs.
Construction is scheduled to start in autumn, with the hotel set to open in 2020.
Simon Ashdown of LPC 1 said: “Our experience of working with Travelodge to transform underutilised sites into thriving developments lends itself perfectly to this prime site in London.
“The new Travelodge will deliver a boost to the local community, in terms of much-needed affordable accommodation for people coming to London, and jobs for local people.
“We are now looking to secure a tenant for the ground-floor retail unit. Being located in such a prominent position on Mile End Road this is likely to appeal to a wide range of occupiers”.
Tony O’Brien, Travelodge, UK development director, said: “As one of London’s largest budget hotel chains, we are delighted to be part of this mixed-use development.”
Nexus Planning is the planning consultant for the scheme. The architect is Falconer Chester Hall. Copper Consultancy provided community engagement and consultation support.
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