London, 12 July 2013 – Endurance Land are delighted to announce the receipt of a “resolution to grant planning” at the above property for a 189 bed hotel.
Following an extensive consultation process involving significant engagement with the local community a unanimous decision was reached at committee on both the planning and conservation area consent.
This consent is an enhancement of the existing extant permission for a 101 bed hotel which originally underwrote the acquisition.
With the property already pre-let to Hub by Premier Inn, Whitbread’s latest new concept in city centre hotels, Endurance Land are now working with London Borough of Tower Hamlets in order to finalise the conditions and agree the Section 106, with a view to starting on site by the end of the year.
The opportunity will see much needed investment to the area and greatly add to the surrounding streetscape as well as offer much needed hotel accommodation to the areas local residents, business people and increasing number of tourists.
This acquisition is in line with Endurance Lands’ strategy to acquire assets with value add potential, within the London market, that we believe have the potential for future growth.