UK: Plans have been made to convert an office building in the welsh town of Newport into an aparthotel building.
The building, known as Clarence House, will convert its two upper floors into a set of 28 aparthotel rooms.
Nine Hills, the building’s owner’s have received a £750,000 loan in order to complete the project, which would include a refresh of the building’s façade. The group has also committed to invest £50,000 of its own money into the project.
Funding approval is set for later today. A council report noted “The property is tired looking, requiring improvements to its façade, and does not create a positive first impression to anyone arriving in the city.”
The renovation is a part of Newport City Council’s urban renovation initiative, which has been given £1 million in repayable loan support from the Welsh government. The plan intends to help redevelop underutilised sites in the city centre.
The initiative has already seen successful development, with Developer Garrison Barclay Estates transforming the Chartist Tower building into a hotel/office/retail hybrid.
Clarence House currently already supports a set of aparthotel rooms, serving as the site for Quay Aparthotel sNewport.
Nine Hills will be kept to a 36-month repayment scheme, with the expectation that construction will take 15 months. The group will then lease the new floors to Gateway apartments, who will operate the units.
This is one of many new developments gaining traction during these trying times. New Developments in Sheffield and Malaysia demonstrate that interest is continuing in the serviced apartments market. </p
