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GMG seeks forward funding partner for London mixed-use scheme

George Sell Uploaded 19 July 2020 UK: GMG Real Estate is offering a forward funding opportunity on a fully consented hotel, office and residential development in Farringdon with a GDV of £93.5 million.

Stella, Farringdon is located just off Clerkenwell Road. The scheme, designed by Piercy & Company Architects, will have a gross internal area of 73,967 square feet. Practical completion of the office accommodation is estimated for Q4 2021, followed by the hotel and residential elements in Q2 2022. Savills is advising GMG Real Estate.

“This is a rare opportunity to acquire the part pre-let freehold interest of a well-balanced mixed-use scheme close to a major transportation hub, with long income security and further upside through a strong office occupational backdrop. The surrounding area is one of London’s newest contemporary cultural, arts and educational destinations, which will add to the diversity and excitement already experienced by tourists and residents alike through to the local office occupiers,” said Richard Dawes, director in the hotel investment team at Savills.

Simon Banks of GMG Real Estate, said: “The scheme provides an outstanding blend of best in class workspace, residential accommodation and a unique hospitality offering set in Farringdon, a global hub of creative industry. We are delighted to be working alongside Ruby to deliver their latest London hotel, a perfect branding fit.”

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"ULF is a long needed innovative approach. The blend of content demonstrates that hospitality provides the increasingly crucial thread through so many real estate classes and not only refers to traditional hotels and serviced apartments but has already permeated the residential markets in their increasingly varied formats. Now these services are expanding into the residential innovative care and office markets in the UK and overseas. We are witnessing the market converging at pace as investors seek optimum yield across a variety of urban asset classes. These are exciting and pioneering times and I look forward to expanding my horizons at this unique event"

Laurence Geller CBE, CEO Geller Capital Partners

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