Aviva Investors buy freehold of 19 serviced apartments and restaurant on India Street, EC3
LONDON, 28th August 2014 – JLL’s Hotels & Hospitality group has advised on the sale of 19 boutique serviced apartments at 8 India Street, EC3 with vacant possession and a ground floor restaurant investment on behalf of owners Marldon, a specialist design and build partnership.
The sale reflects a price of approximately £500,000 per apartment, commensurate with residential values in the area.
The apartments are located in the heart of the City of London, only a moment’s walk from major global financial institutions such as the Bank of England, the London Stock Exchange and Lloyds of London. The flats have been comprehensively refurbished and extended to provide a modern living space with contemporary high quality fittings. The ground floor is occupied by a local restaurant operator and trades as the Rajasthan II.
8 India Street represents the fourth serviced apartment development by Marldon, who boast an impressive track record of commercial and residential developments in central London, characterised by their design led approach.
Will Duffey, Senior Vice President in JLL’s Hotels & Hospitality group commented: “This sale demonstrates the considerable appetite for London serviced apartments from institutional investors. We expect this trend to continue as the sector becomes more established as both a form of accommodation and an investment asset class.”
“The sale of the asset was concluded before being officially launched to the market. A broad range of interested parties, with particularly strong demand from serviced apartment operators looking to expand their presence in the capital, approached JLL when we were appointed to sell the asset”.
Research conducted by The Apartment Service Worldwide showed the London serviced apartment market to be undersupplied with London having just 1.2 apartments per 1,000 business visitors compared to New York (5.2), Hong Kong (5.3), Sydney (2.6) and Singapore (1.8).