Sager Group, in association with Cain Hoy, have unveiled details of the 58,000 sqft Almeida Serviced Apartments scheme planned for Islington Square, which will provide 108 apartments and, according to Sager, deliver one of the most luxurious and exclusive hospitality offerings in London.
As part of the delivery of this scheme, Sager Group is about to recommence discussions with a leading hospitality and hotel operator based in the Far East in relation to the serviced apartment offering.
Developed by Sager Group, in association with Cain Hoy, Islington Square is the transformation of the former North London Royal Mail centre, just off Upper Street, into a new £400 million 4.5 acre destination for London providing 263 new homes, as well as retail leisure facilities.
The serviced apartment scheme at Islington Square will be located in 8 Esther Anne Place, the iconic Edwardian former Royal Mail sorting office. This grand six storey Edwardian building was originally built in 1904-1906 and designed by architect Jasper Wager, under the auspices of HM King Edward VII’s Public Buildings Department for the Post Master General’s Office.
The new serviced apartments will be created behind the retained Edwardian façade and will be located over four of the upper floors of the building. The baseline scheme has been designed by award winning architects CZWG but the concept allows for the plans and specification to be tailored for the operator.
The scheme will provide a selection of highly designed brand specific serviced studio suites and one bedroom apartments, each with fully fitted kitchens, spacious living/dining area and bedroom suite with luxurious bathroom, providing a home away from home for the business world.
The serviced apartments will benefit from the building’s grand proportions, generous ceiling heights and tall Edwardian warehouse windows which overlook Esther Anne Place and its cinema, theatre, gym and retail shoppers. The internal windows will overlook the zen garden located in the large central courtyard.
There will be a spacious entrance foyer with concierge desk and seating area for visitors There will also be an executive lounge for apartment users, with lounge areas, meeting/dining areas and eating/drinks/coffee bar facilities. Residents will have access on their doorstep to the wider leisure, retail and lifestyle facilities in the Islington Square development which include a health club with swimming pool and gymnasium, Lounge Cinema and retail outlets, cafes and restaurants.
Giris Rabinovitch, CEO of Sager Group, says: “Islington Square is one of the most prestigious regeneration projects in London, and will provide an exciting new Covent Garden style destination for the capital. The serviced apartments are perfectly located for business visitors and tourists alike. Users will be well served by public transport, with apartments located between Angel Underground and Highbury & Islington Station, as well as a number of bus services to The City and the West End from Upper Street.
“Serviced Apartment users will be in easy reach of the restaurants and bars in Islington Square, and will have use of the health club and cinema facilities at a special discounted rate. We are about to recommence discussions with a serviced apartment provider from the Far East in order to progress the delivery of this prestigious hospitality project.”
Sager Group highlights that the Mayor of London’s office has identified that London has a 20,000 room shortfall in the overnight accommodation sector, which underlines the demand from consumers and potential for growth in the serviced apartment market. Serviced apartments offer an alternative to both hotel accommodation and the shorter-term rental market, as it has the flexibility of a hotel but with favourable rates for longer stays, attracting both a corporate and tourist client base.
At present, London lags behind other international centres for serviced apartment facilities, despite it being home to a number of the world’s leading financial institutions and other global headquarters. New York and Hong Kong have 5.2 and 5.3 units per 1,000 business visitors respectively, whereas London has only 1.2 units. The serviced apartments industry is still in its infancy in the UK, with the majority of these found in London. The sector makes up less than 10% of the hotel market and is a fraction of the size of the private rented sector.
Since 2009, the serviced apartments industry has boomed, with a growth in the mandated use of serviced apartments by corporate travel buyers for stays of 5-6 days or longer, as often it is a more cost effective alternative to hotels. Work has begun on site and completion of the whole site is expected towards the end of 2017.
