Allsop launches sale of two serviced apartment opportunities in City and City Fringe

Allsop has launched the sale of 70 Chamber Street E1, a newly developed serviced apartment building in Aldgate which has been pre-let to prime short-stays provider, Bob W. Offers are invited in excess of £13.5 million for the freehold interest on behalf of Allsop’s private client.

70 Chamber Street, which is between Aldgate, Whitechapel and Tower Hill, benefits from five London Underground and mainline stations within a ten-minute walk. Its 39 high-quality serviced apartments, arranged over the first to sixth floors, have recently been completed, and the building benefits from an EPC A and BREEAM Excellent rating. The building was pre-let to Bob W Technologies UK Ltd on a 20-year lease, which will also occupy the ancillary offices.

The launch of 70 Chamber Street closely follows that of St Mary Abchurch House EC4, the freehold of which Allsop is also marketing on behalf of GMS Estates. A Grade II-listed mixed-use building with planning consent for serviced apartments, St Mary Abchurch House is a short walk from both Cannon Street and Bank station and provides 13,106 sq ft GIA of office, retail, and bar/restaurant accommodation. The building benefits from significant asset management potential, with investors having the opportunity to undertake a comprehensive refurbishment to provide best-in-class office accommodation in a listed building, or to make use of the existing planning consent to convert the commercial accommodation in the first to fifth floors into 20 serviced apartments with a lounge area and roof terrace. Offers are invited in excess of £6 million.

The launch of the two buildings coincides with mooted plans by the City of London Corporation to speed up the process of converting old offices for other uses.

Matthew Millman, partner at Allsop, said: “70 Chamber Street and St Mary Abchurch House both offer exceptional opportunities for investors to be a part of reshaping the fabric of the City and City fringes. Whilst 70 Chamber Street offers a brand new building with excellent ESG credentials, let to a best in class operator in Bob W, St Mary Abchurch House presents the opportunity to create similar product, benefiting from a planning consent to convert the existing offices into 20 serviced apartments. We anticipate alternative uses for redundant office space to become more commonplace, particularly should the City of London Corporations’ plans to speed up the planning process come to fruition.”

This article was first published on 18th July 2023 by React News. You can see the full article here.