Regal London has successfully switched strategy for its Commercial Road development, opting to bring the site forward for a hotel development leased to serviced apart-hotel provider Staycity.
Tower Hamlets planning committee has approved Regal’s plans for a 14-storey building comprising a 156-bedroom hotel at 73-77 Commercial Road in Whitechapel, E1.
The hotel will be a first for Regal London, which has a mainly mixed-use portfolio in the capital. The scheme has been designed by Dexter Moren Associates and will span 68,795 sq ft.
It will be operated by Staycity, through its Wilde brand, and will be the second Wilde hotel in London, following its debut on the Strand in March 2018. A long-term lease of the property has been agreed between Regal London and Staycity.
Simon De Friend, joint chief executive of Regal London, said: “Wilde is the latest chapter in Whitechapel’s transformation, and as Regal London’s first purely leisure project it signals a milestone in the company’s strategy to pursue more hotel-led developments in the capital.”
Regal London acquired the site in mid-2016 for £6.9m. The developer initially sought to deliver a resi-led scheme in an 15-storey tower, which was subsequently reduced to 11 storeys and later switched to a more viable office option as commercial values in the area soared.
In 2017, Tower Hamlets approved Regal’s plans for a downsized 11-storey tower with 50,000 sq ft of offices. An increase in hotel demand in the area then led Regal to pivot again to meet the local requirements.
De Friend added: “Tower Hamlets’ vision for Whitechapel, alongside the pending arrival of Crossrail, has spurred regeneration along Commercial Road. New residential and commercial offerings are continuing to emerge, attracted by the proximity to the City and Old Street, as well as the thriving arts and culture scene.
“Staycity’s second Wilde offering is set to become a valuable asset for local professionals, the residents of East London and hotel guests alike.”
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