UK: Modo Bloc has converted an apartment building in Newcatsle to an aparthotel.
The new development, Chelmsford Lofts, cost £1.5 million and refurbishments took the company about two years to complete, becoming one of the company’s largest projects to date. The building holds eight flats, three of which needed to be completely redone during renovations.
Chelmsford Lofts, located in Sandyford, recently opened with great success. Demand for the lofts was high due to an increasing number of staycations as Covid restrictions were lifted. The property, which is listed on Airbnb, has also been popular with extended corporate stays.
George Jenkins, managing director for Modo Bloc, said: “This is our first aparthotel and we’re really pleased with the high-quality, finished product. More importantly, I am delighted with the market response and interest we are getting in renting the apartments. We’ve hit the market at the perfect time with the nationwide explosion in staycations.”
This development, the company’s first aparthotel, is the beginning of big changes from Modo Bloc, which is switching from developing student accommodations and smaller projects to larger residential projects. The company has had over £60 million worth of projects in the pipeline over the past two years. New projects include land development and building new homes.
Jenkins said: “Our future projects are getting larger and more substantial. I have ambitious growth plans, which involve gradually expanding into other regions of the UK with bigger and more complex developments. Now that I’ve made the move from refurbishments to new builds, I look forward to building more homes and developing more land to increase my pipeline even further. We’re always looking at interesting investment and development options in the North East and beyond.”
The company has already broken ground on a development with seven townhouses in Ouseburn Valley. The company also plans to work on four more sites in Ouseburn, with an additional twelve townhouses in Durham.
