Investor Aprirose has made its first foray into the serviced apartment sector, after acquiring a £40m aparthotel development on Kingsland Street in Dalston, E8.
Planning permission has been granted for a 121-bed scheme called Kingsland Locke. Completion is expected in April 2020.
Aprirose has appointed SACO Property Group as development manager.
The serviced apartment site will operate under the Locke hotel brand.
The building will have 121 studio and one-bed units covering five floors. It will include a restaurant, cocktail bar and a co-working space for 152 guests, as well as a fully equipped gym.
Manish Gudka, chief executive at Aprirose, said: “The development of the Kingsland Locke aparthotel presents a unique opportunity to build and operate a hotel, residential and co-working offering in the rapidly regenerating Dalston area.
“Dalston is a very attractive location as an emerging hotspot for millennials in the booming tech and creative sectors, which are expanding out of Shoreditch and King’s Cross due to the increased expense of these areas.
“There is an undersupply of aparthotels in this part of London, making the Kingsland Locke development a strong addition to our real estate portfolio.”
The Kingsland Locke site is located near to community gardens, a fringe theatre and several restaurants, bars and shops.
The site, currently occupied by a Tesco Express, is within a two-minute walk of Dalston Junction Station and close to Silicon Roundabout as well as the King’s Cross, Liverpool Street, Bank and Shoreditch High Street railway stations.
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