1.1 acre site hosts offices and a Qbic hotel
Great Portland Estates (GPE) has acquired from Hermes Investment Management the freehold of land and buildings on a 1.1 acre site in the Aldgate and Whitechapel areas of east London for £49.6m.
Properties on the site, which sits between Aldgate to the west and the new Whitechapel Crossrail stations to the east, include Cityside, an office block; Challenger House, currently a five-storey 171-bedroom Qbic hotel, and 2/8 Whitechapel Road.
The deal also includes freehold land to the rear of Cityside House, part of which has a planning consent for 19,000ft² of development, comprising hotel and residential uses.
Robin Matthews, GPE’s investment director, said: “This acquisition represents an exciting opportunity for us to develop a well-designed, cost effective and prominent office building in the heart of Whitechapel, supported by a long-term income stream from Qbic Hotels, and further development sites.
“In addition, Whitechapel is set to benefit from significant further regeneration, including its new Crossrail station opening in late 2018.”