Kingsbridge Estates has announced a deal with Lamington Group at 1 Queens Terrace, Southampton.
This deal was brokered for Lamington by aparthotel acquisition specialists Short Let Consulting Ltd and Savills Leisure Department in Southampton.
This prime 26,000 sq ft property sits in the heart of Southampton’s business district, opposite the International Docks, providing well-located premises for Lamington to convert to its new apartment hotel brand, Room 2.
Lamington are adding 1 Queens Terrace to their growing portfolio as they further establish themselves in the serviced apartments market. Managing Director Robert Godwin says: “This purchase represents the first major acquisition and development outside Greater London for Lamington and Room 2, as we target 1,000 hotel units by 2020.”
Mark Hooper, Kingsbridge Estates Director, comments: “We obtained change of use to a hotel and Lamington will make full use of this by providing high quality serviced apartments in this fabulous unique corner property. It’s located opposite the Cruise Terminal at Dock Gate 4 in an improving location in the heart of Southampton’s regeneration area.”
The asset attracted considerable interest from a wide range of operators who were alert to the upturn in Southampton’s business activity and especially the shortage of quality hotel stock.
“This successful transaction demonstrates Kingsbridge’s commitment to diversifying its portfolio and we continue to seek buildings suitable for conversion.”