Oakland Holdings have confirmed room2 hometels, backed by the Lamington Group, have signed an agreement for lease of a new 175-unit Aparthotel to be built in Belfast City Centre
Oakland Holdings have confirmed that a pre-let of a new 175 bed Aparthotel to be built on Queen Street, in the heart of Belfast City Centre, has been signed with room2 hometels.
The nine storey Aparthotel achieved full planning consent in September 2019 and is being developed by Oakland Holdings, one of Northern Ireland’s most pioneering and successful development companies with an excellent track record in the development of Grade A office space and first class residential, retail and hospitality property.
The new Aparthotel was designed in a modern, contemporary style to provide exceptional accommodation comprising 175 guest units with food and beverage facilities at ground floor level and meeting and conference facilities at first floor level. The range of unit sizes vary from 21 sq m units to 25 sq m units and some units at 29-37sq m providing maximum flexibility.
On the commercial / business front the Aparthotel is close to a host of new office developments currently under construction, most notably Merchant Square, a 21,300sqm / 230,000 sq ft office building fully pre-let to PWC and due to complete by mid-2020. This office development is also being developed by Oakland Holdings.
The Aparthotel has been let to room2 hometels an innovative hospitality company backed by the Lamington Group, an established investor and developer of residential and commercial real estate.
Property agents CBRE Hotels and A&L Goodbody, Solicitors, acted for Oakland Holdings in the transaction.
One of the unique selling points of room2 centres around its brand offering to deliver better guest experiences, including mattress menus and 24-hour stays, within contemporary designed accommodation.
Robert Godwin of the Lamington Group explained that “the driving ethos behind the room2 hometel concept is the combination of the very best bits of a hotel (the standards, safety and services) combined with the flexibility and comfort of home. Customers are seeking a unique and authentic living experience that provides greater flexibility over formal hotel environments.”
He added that “we are delighted to be expanding and introducing our concept to the Belfast market which is maturing and changing at a very fast pace. This development ticked all our boxes in terms of its location, its modern and contemporary design and its turn-key specification. It also provides us with an opportunity to work alongside one of the most progressive developers (Oakland Holdings) in Belfast”.
Guy Hollis of Oakland Holdings added that “we are delighted to have secured room2 hometels as our tenant. The Lamington Group were a perfect fit for the development as we were able to accommodate their high-end, design led specifications and provide them with the necessary flexibility while at the same time securing a strong and institutionally accepted covenant at a market rent.”
According to John Ryan of CBRE Hotels the location and design detail of the development instantly appealed to a wide variety of hotel and aparthotel operators seeking opportunities within the popular and expanding Belfast tourist market. The Aparthotel is only approximately 300 metres from Belfast City Hall at Donegall Square and is within the prime retail area of the city close to both Castlecourt Shopping Centre and Victoria Square Shopping Centre. In addition, the Aparthotel is convenient to a host of tourist attractions and to the main entertainment areas of Belfast, including the Cathedral Quarter.
Construction of the new Aparthotel is due to commence shortly, and a completion is anticipated in Q3 2021.
The terms of the agreement include a 25-year lease with a tenant option to break at year 20.
For Further information, please contact John Ryan.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.