StayCity Heathrow sold for £32.4m

10 March 2016 by
StayCity Heathrow sold for £32.4m

The Staycity Heathrow serviced apartments and hotel have been sold for £32.4m.

The serviced apartments, operated by Staycity, opened in 2012 and recently underwent a 125-key hotel extension, providing 269 letting units.

CBRE Hotels sold the freehold to the property, which is in the High Point Village development on the doorstep of the new Hayes and Harlington Crossrail station, on behalf of Ballymore to Schroders UK Real Estate Fund. It will continue to operate as a Staycity venue.

Richard Probert, sales and lettings manager at Ballymore, said: "This is a great way to complete our innovative and hugely successful High Point Village scheme. Ballymore is delighted to have secured a great tenant in Staycity and a sale to a discerning blue-chip investor such as Schroder UK Real Estate Fund. We believe that the commitment of both parties is a testament to the high quality of the scheme and buildings as well as validation of Ballymore's long-term commitment to the location."

Lewis Corby, CBRE Hotels, said: "Serviced apartments represent one of the fastest-growing parts of the hospitality sector; supply in the UK has grown at 3.9% per annum since 2008. Staycity has gained significant market presence over past few years, helped by its attractive leased operating model, appealing to a wider range of real estate investors and lenders."

Staycity to add 125 apartments to Heathrow site >>

Serviced apartments set to be UK's fastest growing hospitality sector >>

Serviced apartment expansion is key to attracting consumers and investors >>

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