Endurance Land, Aberdeen complete Motel One development in London

Endurance Land and Aberdeen Asset Management (AAM) have completed the development of a new hotel complex in east London. at 24-26 Minories, London.

Located at 24-26 Minories near Aldgate underground station, the 16-storey asset is the first purpose-built Motel One scheme to open in England. It comprises 9,955 m2 and 291 bedrooms and is let to budget hotel operator Motel One on a 25-year lease at a rent of £2.4 mln per annum.

The property, purchased in 2010 by Endurance Land and its funding partner AAM, was originally a six-storey building let to Barclays Bank on the ground floor, with five floors of office space above. In August 2012 the two companies secured planning consent for the new hotel and, following demolition, construction started in May 2013.

'Having acquired the building at the lower end of the cycle we have been able to obtain an excellent planning consent to create a first-class building for a first-class tenant,' commented Jonathan Fletcher, founding director of Endurance Land.

The development, designed by MacKay + Partners and constructed by McAleer & Rushe, has achieved a BREEAM excellent energy rating.