London, December 2013
Endurance Land are delighted to confirm Osprey Equity Partners as the Forward Funders for their 189 bed hotel scheme at 86 Brick Lane, pre let to Whitbread Plc.
Osprey Equity Partners is a privately held investment company focussed on providing its clients with real estate investment solutions and has agreed to forward fund the development project, the pricing being in the region of £30 million pounds.
Having acquired an option for the site which previously benefitted from a 101 bed hotel consent, Endurance Land have achieved a further planning consent for a 189 bedroom, Breeam excellent hotel. This has been specifically designed with future tenants Whitbread in mind for their new “hub” concept.
The successful funding of this project outlines the appetite for index linked assets in prime locations together with Endurance Land’s ability to “unlock” potential and deliver commercially viable products to this competitive market. The addition of 88 rooms to the scheme together with the identification and successful pre-letting has proved critical to achieving the commercial criteria to see this site developed.
Jonathan Fletcher of Endurance Land comments “we are very pleased to have completed the funding agreement and look forward to working with our new partners Osprey and we are particularly eager to get on site and deliver another exciting Breeam excellent product.”
Construction is due to commence in January 2014 upon Vacant Possession and is programmed to last 16 months.
JLLS and EC Harris advised Endurance Land.