A topping out ceremony has just taken place at Frogmore's 274-bed ‘New Marlborough Yard’ hotel development on The Cut, just moments from London’s South Bank.
The UK Real Estate specialist was joined by LaSalle Investment Management and Whitbread, who will operate the hotel under its Premier Inn brand, including a Bar + Block Steakhouse.
Construction of the hotel commenced in July 2018, with contractor Gilbert Ash targeting Practical Completion in April 2020. The Premier Inn and Bar + Block Steakhouse are expected to open in Autumn 2020. The main structural frame of the hotel has now been completed, marking a major milestone in the delivery of the project.
New Marlborough Yard sits on a one-acre site between Ufford Street and The Cut in Southwark and has been designed by Dexter Moren Architects. Comprising two blocks of accommodation, connected via a glass bridge, the development will have an attractive courtyard and public space featuring seating and a landscaped ‘pocket park’. The development has been designed to achieve a BREEAM ‘Excellent’ rating.
Located approximately 100m from Southwark Underground station and 300m from Waterloo mainline station, the hotel will be well positioned for public transport across London and further afield.
Jo Allen, Chief Executive for Frogmore, said, “We’re delighted to be celebrating this milestone with Whitbread and LaSalle and are excited to be a part of helping to grow the Premier Inn network across the Capital. The hotel should be a welcome contribution to the vibrant Southwark scene; with the addition of the Bar + Block Steakhouse, as well as the additional open space for public enjoyment.”
Jonathan Langdon, Acquisitions Manager for Central London at Whitbread, said, “The creation of high-quality local jobs was an important consideration in the planning case for New Marlborough Yard. With the development now topping out we are one step closer to recruiting for the 70 new roles on offer in the Premier Inn and Bar + Block Steakhouse.
'Our approach is to recruit locally for all new Premier Inn hotels and we hope residents living in the local area will be interested in applying as we get closer to opening what will be one of our flagship hotels in Central London.”
Frogmore secured a forward funding investment sale of the development worth £85m from LaSalle, investing on behalf of Greater Manchester Pension Fund.
Tom Rose, fund manager and Head of Relative Return strategies at LaSalle, commented, “We’re delighted to be celebrating the topping out of this development, which is situated in one of the most attractive areas of central London. The asset has very strong fundamentals and offers a fantastic return profile to our client given Premier Inn’s long-term lease with inflation-linked uplifts.”