The Pickstock Group Secures New Tech City Development
London 12 April 2022 – The Pickstock Group, alongside Joint Venture partners UBS and BSW Land and Property has announced the construction of a brand new, 23 storey hotel and office development, which once complete, will have a value of over £100m.
The 0.215 acre site located north of Old Street Station at 39 East Road, London has been successfully acquired by the joint venture partners and enhanced planning consent has been secured. The development will see demolition of the existing six storey office building and its redevelopment to a high-quality mixed-use building comprising new office space with 17-storey Hotel above.
Rabeea Shamsi of BSW Land & Property said “We are delighted to be a part of the Joint Venture team with UBS-AM REPM and the Pickstock Group to deliver this Mixed Use Development in Hackney, East London, which will generate numerous local employment opportunities and contribute in the strategic growth of the borough. The development, with a value in excess of £100m, will comprise over 200 Hotel keys backed by a secure 30 year lease to the design-led hotel chain Motel One, alongside over 25,000 sq.ft. of office space ensuring a rich mix of occupancy and uses.”
Miriam White, Co-founder of BSW added “We are also tremendously excited about working with contractor partner, Elements Europe, and remain committed to delivering a quality flagship Motel One at this strategic location.”
The scheme will be built using a hybrid of traditional and modular construction methods. Elements Europe, part of The Pickstock Group, will provide a turn-key design and build solution, utilising its offsite building systems to deliver a modular solution to the Hotel, whilst JF Hunt will act as subcontractor to deliver all traditional construction works for the scheme.
Motel One, an award-winning international hospitality chain is set to occupy the Hotel space. Known as the affordable luxury brand in its sector it will be a welcome addition to the Shoreditch area which has seen an influx of higher quality 4 and 5 star Hotels opening in the last 5 years.
“We are very pleased to be working with our JV partners to deliver a mixed-use hospitality led scheme at 39 East Road. The Old Street area has been the centre of vast regeneration in recent years becoming one of the largest Tech Hubs in Europe. We are excited to become part of this journey of regeneration and to work with our tenants to offer a great new hospitality offering alongside additional office space in this location.” commented Kate Pickstock, Development Surveyor at The Pickstock Group.
“We look forward to working alongside Elements Europe, whom will be acting as principal contractor drawing upon its offsite construction systems, to bring this project to fruition” added Kate.