Developers have unveiled plans for a new 350-room hotel in Farringdon, setting up a £230m joint venture to revamp the historic site.
Dublin-based aparthotel operator Staycity, which owns the Wilde brand, has founded a partnership with Penta Real Estate to deliver the new project.
The 11-storey site, which will offer apartment living and co-working areas, hopes to boost the City’s ambition to attract more tourism alongside its role as a global finance hub.
The new project will redevelop the Morley House site, near Holborn viaduct in Farringdon, and will see the refurbishment of the grade-II-listed City Temple Church, which has stood since 1640.
Construction on the site will begin soon, developers said, beginning with the demolition of an existing office block, and is expected to complete in 2029.
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SUBSCRIBE HEREPavel Streblov, managing director of Penta Real Estate, said: “This is a really exciting project in a lively and dynamic part of London. Staycity Group has a great track record of delivering and operating attractive aparthotel accommodation to meet strong and growing demand in central London and we are looking forward to embarking on this first JV with the brand.
“At Penta, we have significant investment appetite for London and delivering high-quality, sustainable and thoughtful development projects in vibrant locations such as Farringdon truly plays to our strengths.”
Developers said the project will benefit from its access to the Elizabeth Line, which has boosted Farringdon’s relevance for City firms and tourists since it was opened in 2022.
The new transport link has also given Canary Wharf a boost, being credited for HSBC’s decision to U-turn on its exit from the area and for the appearance of a string of new hotels and hospitality firms in the finance hub.
Barry Hickey, managing director of real estate at Staycity, said: “The Morley House scheme represents the Group’s largest transaction to date and our second large-scale Wilde offering in London, following the opening of our Paddington location in 2021.
“This cements our position as a significant player in the London real estate market, having structured the transaction, convened key partners and secured investment from leading global financial institutions.”