Rockwell, a London-focused mixed-use property developer, has announced the completion of a £106m investment deal with Aviva Investors to fund the delivery of a 400-bed Premier Inn hotel adjacent to Westferry DLR station.
Aviva Investors, the global asset management business of Aviva plc, has acquired the freehold interest of the site through its Lime Property Fund. Whitbread, Premier Inn’s parent company and the UK’s largest hospitality company, will take a 30-year lease of the hotel and restaurant, which will become the brand’s largest hotel in central London.
The 30-storey development, designed by architects SimpsonHaugh, will provide a gateway to Canary Wharf and is scheduled for completion in early 2022. In addition to a hotel, which will create hundreds of jobs, Rockwell will also deliver 66 new homes, of which 35% will be affordable.
“This is a landmark development and we are delighted to complete the £106m transaction with Aviva Investors,” says Donal Mulryan, Founder of Rockwell. “It’s been a pleasure to work with both Whitbread and Aviva to realise the delivery of this fantastic scheme, which will have a meaningful legacy for the surrounding area. This is an excellent template for bringing forward similarly high-quality developments in the future.”
