Premier Inn is to occupy Frogmore’s approved 274-bedroom New Marlborough Yard development at The Cut in Southwark, London SE1.
The new hotel is due to be built between Ufford Street and the Lewisham Southwark College Building on The Cut (the former LeSoCo campus) following the grant of planning permission in March this year.
Alongside the new hotel bedrooms, the Dexter Moren Architects (DMA) designed scheme will also include Whitbread’s latest Bar + Block restaurant format and high-quality public realm consisting of a public courtyard and pocket park.
Jonathan Langdon, Acquisition Manager (Central London) for Whitbread, who secured the site for Premier Inn, said, “New Marlborough Yard is a superb site in one of London’s most interesting and well-connected places. Securing a Premier Inn hotel here demonstrates the quality of our offer and continues our history of investing and creating jobs in Southwark.”
Whitbread has agreed to take a long-lease on the consented development as it continues to grow the Premier Inn and hub by Premier Inn brands across the capital. The business currently operates four Premier Inn hotels in Southwark (at Borough High Street, Tate Modern, Tower Bridge and Bankside) which together employ more than 125 team members.
An additional 90 permanent jobs are expected to be created at New Marlborough Yard on the opening of the Premier Inn and Bar + Block.
Frogmore has secured a forward funding investment deal for the development worth £85m from LaSalle Investment Management (LaSalle), investing on behalf of the Greater Manchester Pension Fund.
Jo Allen, Chief Executive of Frogmore, said, “We’re delighted to have collaborated with Whitbread and LaSalle on the new Premier Inn and Bar + Block at The Cut. The development offers significant local benefits through job creation and valuable investment, as well as the provision of a pocket park for residents and the reopening of access from the site to Ufford Street.”
Tom Rose, Fund Manager at LaSalle Investment Management, commented, “This will be a high-quality development in an extremely attractive central London location. We’re pleased to have completed the investment on behalf of Greater Manchester Pension Fund, with Premier Inn’s long-term lease with inflation-linked uplifts providing an attractive return profile for our client.”
New Marlborough Yard is to be built on land to the north of Ufford Street in Southwark. The completed development will create a new pathway and courtyard connecting Ufford Street with The Cut to the north.
Two blocks of accommodation, connected via a glass bridge, will contain the Premier Inn bedrooms and Bar + Block restaurant and the courtyard will feature seating, sculptures and landscaped green spaces.
Jo Allen continued: “Delivering high-quality public areas for the local community and visitors was central to the design at New Marlborough Yard. Whitbread’s new Bar + Block brand will bring a smart and well-priced restaurant brand to The Cut, which we hope will be used by residents, people working locally and visitors alike.”