Freehold serviced apartment building in the City of London
140 Minories provides investors and operators with an exciting opportunity to acquire a prominent freehold serviced apartment building in the City of London, benefitting from an abundance of nearby transport links and with potential to extend (subject to the necessary consents). The ground floor retail unit and the basement floor are on a long 999-year lease.
There are 14 serviced apartments within the Property, 13 of which are one-bedroom and a two-bedroom. The breakdown of apartments is presented below (note that there is not a number 13 apartment). There is one lift that services all floors apart from the 5th, which is accessed via the stairs.
The business trades without front-of-house staff, with guests accessing apartments via a key code entry system at the entrance. There is no reception space, and no food and beverage offering, with no regular staff other than cleaners who come in once a week. The rooms provide all that is needed for guests to cater for themselves, with a small supplementary ‘welcome box’ providing tea, snacks, pasta, and general essentials.
In 2005, planning permission was granted for a change of use from residential apartments (C3) to Suis Generis. This enabled our client to provide a short-term let facility for the apartments, for a period of less than 90 consecutive days.
EPC Rating TBC