Serviced apartment company SACO has acquired a new property in London which it intends turning into one of its lifestyle aparthotels.
The new 1,207sqm five-storey property, acquired from Galliard Homes and Redington Developments, is located on Buckle Street and will form an extension to SACO’s new 168-unit aparthotel on Leman Street, scheduled to open in the fourth quarter of 2016.
The property on Buckle Street is currently configured as an office building. SACO says it intends converting the property into a 78-unit aparthotel with plans to open in the second half of 2018.
The new property is one of five SACO aparthotels currently scheduled to open in the next three years under a £100m investment programme. The first on London’s Cannon Street will open its first phase later this month. Later this year, SACO will open its first lifestyle aparthotel on London’s Leman Street, and SACO will launch two such lifestyle aparthotels in Edinburgh in 2017.
MD of development at SACO, Eric Jafari, says: “This acquisition will enable us to grow our lifestyle aparthotel presence in the city, and heralds the start of a £100m acquisition programme planned for 2016.”
“Serviced apartments is the fastest growing element of the hospitality sector, and our investment in new property will enable us to remain at the forefront of the evolution in this rapidly changing sector.”