ACQUISITION OF FORMER HOTEL IN LONDON’S ROYAL DOCKS

Fairview New Homes has completed the purchase of the former Ibis Budget London City Airport hotel in an unconditional purchase from Accor Hotel Group.

The site extends to just under one acre and is located in the heart of London’s Royal Docks, an area currently undergoing significant residential-led redevelopment.  The area has historically been industrial in character but the excellent transport connectivity and the development of thousands of new homes along this stretch of the Thames, as well as the creation of the 20 acre Thames Barrier Park has changed the area into a thriving residential community.

Fairview are now preparing a planning application for a residential scheme comprising approximately 150 new private and affordable homes which will be submitted in early 2022.

Jon Spring, Main Board Land Director for Fairview New Homes, said: “This site will make an important contribution to the regeneration of this area of the Royal Docks and we look forward to working with London Borough of Newham to bring forward a residential scheme which will contribute to the delivery of important new homes for London.

Fairview remains well funded and is actively seeking similar deals on an unconditional or subject to planning basis across Greater London and the South East.”