Firethorn has acquired 5 Lloyd’s Avenue in the City of London from a client of Swiss Life Asset Managers UK for an undisclosed price.
The company intends to submit a planning application next year to repurpose the existing office building into a hotel. SW3 Capital will operate the redeveloped site, which is situated just off Fenchurch Street.
Charlie Ingham, head of strategic investment at Firethorn, said: “Our conversion of 5 Lloyd’s Avenue will respond to a clear gap in the market for centrally located, affordable accommodation that doesn’t compromise on quality. Adding to our growing portfolio, which includes the office-to-residential conversion of One Bessborough Gardens and two PBSA developments in Stratford, this acquisition reflects our approach to reimagining assets and creating modern, sustainable spaces that serve both visitors and the local community. We’re looking forward to working with SW3 to bring this project to fruition.”
Ned Truman, from SW3 Capital, added: “As demand for experience-driven accommodation continues to grow in prime city locations, 5 Lloyd’s Avenue presents an opportunity to bring an affordable yet elevated hospitality offer to the heart of London. Building upon our successful collaboration on Sackville Place in Dublin, we are excited to be combining our experience with Firethorn once again to create a high-quality product that will deliver long-term value.”
Firethorn was advised by Avison Young on town planning matters. Dentons provided legal advice for the purchase and Savills advised on the acquisition.
