UK: Real estate agent Savills has been appointed to sell two C1 serviced apartment schemes located in The City of London and Farringdon for guide prices of £17 million and £11 million respectively.
Marldon, advised by Savills and Colliers, is marketing the freehold of No 2 Suffolk Lane in The City of London and the freehold of 66 Turnmill Street in Farringdon.
No 2 Suffolk Lane features 27 fully furnished serviced apartments arranged over basement, lower ground, ground and three upper floors. It also offers a separate vacant fitted wine bar.
The site is located on the corner of Suffolk Lane, Gophir Lane and Bush Lane.
66 Turnmill Street comprises 14 studio serviced apartments, three office units and one retail unit.
The seven storey building is located adjacent to Farringdon station at the junction of Turnmill Street and Broad Yard.
Alex Sturgess, director of hotel capital markets at Savills, said: “We are pleased to have been appointed to sell these properties on behalf of Marldon alongside Colliers. Both of these properties have profound investment fundamentals given their specification and location. No 2 Suffolk Lane and 66 Turnmill Street are high yielding assets and we don’t expect them to be around for long.”
Colin Hall, director at Colliers, said: “City C1 serviced apartment buildings rarely enter the market and these are two particularly good examples with each having the opportunity of significant additional income. They would nicely augment an existing portfolio or together would form the nucleus for a new chain looking to enter this reliably solid market.”
Other serviced apartment stock which Savills have recently marketed include City Apartments Ltd.
