Following the receipt of planning consent and the signing of the section 106 agreement, Highgate Hotels have now signed the 150 year ground rent development lease at 201-207 Shoreditch High Street and 1 Fairchild Street, EC1 in East London. The site is owned freehold by Folgate Properties and granting the new lease is the next exciting step in this Joint Venture development project between Folgate Estates and Highgate Hotels. The ground rent has base rents linked to annual RPI increases together with a top up percentage based on the office passing rent.
Hanover Green acted for Folgate Estates as value add consultants.
Highgate Shoreditch Hotel is a 319,000 sq ft commercial building that comprises a 200-room hotel, as well as 127,724 sq ft of commercial space, which will include creative office space with shared amenities.
The site is located in the heart of Shoreditch, an area of dynamic social, physical and economic change, which is home to a wide variety of tech start-ups and a significant part of London’s creative economy as well as being adjacent to The City.
The scheme’s design mediates between these two historic environments, embracing Shoreditch’s existing infrastructure and the warehouses that characterise the streetscape, with ledges and terraces of differing heights.
Shoreditch Highgate Hotel will be Highgate Holdings first hotel in London, and will build on a portfolio of 40,000 hotel bedrooms globally, that includes iconic New York hotels such as The Knickerbocker on Times Square, The Refinery, The Quin, Westhouse and Row NYC. Gensler’s are Highgates architects on the project.
The project is due to break ground later this year and the hotel is expected to be complete by the end of 2018.