Hotel chain Travelodge has acquired an office site near Liverpool Street train station on a 155-long leasehold from the City of London Corporation.
The site at 6 Broad Street Place and 15-17 Eldon Street, which has a net internal area of 58,893 sq ft, will be transformed into a new Travelodge hotel with an 85 Bar Café, subject to planning approval.
As part of the scheme, ground and lower ground floor retail and leisure premises will be reinstated on Broad Street Place to complement the hospitality offering above.
Jo Boydell, CEO of Travelodge, said: “The acquisition of 6 Broad Street Place and 15-17 Eldon Street marks another significant step in our UK development strategy as we continue to grow and optimise our hotel network. Office-to-hotel conversion is a sustainable way of developing, allowing us to meet the increasing demand for budget hotels while reducing the carbon impact that new development brings. We are also excited to expand our portfolio in London, where we currently operate over 80 hotels, with a further five developments underway.”
Chris Collins, director of commercial agency at Strettons, which advised Travelodge on the deal, added: “We are delighted to have secured this prime site for Travelodge in the heart of the City directly opposite the UK’s busiest train station. The demand from building owners across the City and City Fringe for high-quality, sustainable occupiers is strong, and Travelodge offers long-term value and strong footfall.”
The City of London Corporation was advised by Capital Real Estate Partners.
