UK: The owners of the Bermondsey Square development in south London, which includes the Bermondsey Square Hotel, have put it up for sale with a £34 million price tag.
UK: The owners of the Bermondsey Square development in south London, which includes the Bermondsey Square Hotel, have put it up for sale with a £34 million price tag.
Aviva’s Igloo Fund has appointed agents Knight Frank to sell the fully-let mixed-use development which includes the 80-bed boutique hotel, 35,000 square feet of offices, shops, 76 homes and a 52-seat independent cinema.
The guide price of £33.75 million reflects a 5.5 per cent net initial yield.
Igloo said the scheme was “predominantly” used by corporate clients based near London Bridge. Igloo Regeneration Partnership head of development Peter Connolly said: “We have had great success with Bermondsey Square, which is confirmed by the fact that the scheme is now fully let and occupied.”
The Bermondsey Square Hotel is managed by Bespoke Hotels. It opened in April 2009, and has hosted everyone from globetrotting musicians to Olympic athletes, as well as starring in the Channel Four primetime TV series Hotel GB, in October, 2012.
Speaking about the property on the fifth anniversary of its launch, Bespoke chairman Robin Sheppard said: “Opened in the eye of the recession, just in time for Easter 2009, The Bermondsey Square Hotel has had to grow up fast”, said “Fortunately, it has consistently traded its little socks off and quickly established itself as the place to stay south of the river.”
www.bermondseysquarehotel.co.uk
