The site is on Newfoundland Circus in Bristol’s city centre and will be developed to create a 240 room hotel with a gross internal space of 75,000 sq ft. The majority of the site was made up of three property interests, two owned by Midshire Estates and the third by Bristol Council. Subsequent to securing this site, an adjacent 10,000 sq ft building owned by Avon Police was acquired. All transactions were unconditional of any planning requirements.
In addition to the site acquisition, the final deal provides an income whilst the proposed development goes through the planning stages. The majority of the income from the larger site is secured against Halfords on its Auto Centre. GCW has subsequently agreed a new three year lease with Halfords.
GCW negotiated with the council, police and Midshire Estates to pull the elements of the complex site together.
“We are confident that even in complex land assembly situations, GCW can deliver and enable us to develop the locations that are just right for our hotels” says Simon Lee acquisition manager UK Hotels, Vastint.
The deal follows GCW’s successful work with Moxy Hotels to acquire it first site in the UK at Heathrow. Work is due to begin on site later this year with the hotel due to open late in 2016. GCW has also agreed a deal on a site in Southampton subject to planning. Moxy aims to open 50 hotels across Europe.