1.1 acre site hosts offices and a Qbic hotel
Great Portland Estates (GPE) has acquired from Hermes Investment Management the freehold of land and buildings on a 1.1 acre site in the Aldgate and Whitechapel areas of east London for 拢49.6m.
Properties on the site, which sits between Aldgate to the west and the new Whitechapel Crossrail stations to the east, include Cityside, an office block; Challenger House, currently a five-storey 171-bedroom Qbic hotel, and 2/8 Whitechapel Road.
The deal also includes freehold land to the rear of Cityside House, part of which has a planning consent for 19,000ft虏 of development, comprising hotel and residential uses.
Robin Matthews, GPE鈥檚 investment director, said: 鈥淭his acquisition represents an exciting opportunity for us to develop a well-designed, cost effective and prominent office building in the heart of Whitechapel, supported by a long-term income stream from Qbic Hotels, and further development sites.
鈥淚n addition, Whitechapel is set to benefit from significant further regeneration, including its new Crossrail station opening in late 2018.鈥�
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