Ireland: Staycity has acquired a development company as part of plans to develop up to 20 per cent of its properties in-house.
It has acquired an offsite developer called Pretique, which it plans to use as a vehicle to kickstart the development push.
Staycity made its first move into development recently, as part of consortium Concierge 3, which comprises The Pickstock Group, Staycity and BSW Land & Property. The consortium acquired a site in Paddington and achieved planning permission for a 270-key Wilde aparthoteland a 373-bed Premier Inn.
It is also developing a 240-key property at Tivoli Place in Dublin, in partnership with global asset manager DWS, which has forward-funded the £61 million scheme.
Staycity CEO Tom Walsh said: “We have been watching how developers work for several years. Our main role will still be as an operating partner, but there are certain sites where we would be confident to develop schemes ourselves.”
He said that Staycity is looking at opportunities where it could act as a developer, including sites that it could acquire on a subject-to-planning-permission basis.
Pratique is likely to be rebranded to reflect that it is now part of Staycity.
