The London Borough of Redbridge, advised by Glenny LLP, has acquired the St Georgio Hotel in Gants Hill, Ilford, from Nora Hotels Ltd, for £9.1 million. The commercial investment, an 85-bedroom hotel, will be assigned by Redbridge Council as a source of social housing, used to temporarily accommodate vulnerable residents within the borough. Chris Clark, Senior Associate within the Residential Development Agency team at Glenny, said: “Acting with speed and efficiency, we were able to achieve excellent value for the London Borough of Redbridge on this investment deal. The purchase is reflective of a wider trend of public-sector bodies looking to directly own their own social housing stock, as oppose to leasing on the private rental market. This acquisition will allow Redbridge Council to control rents and protect tenants, as well as grow a profitable commercial property portfolio, which they will benefit from in the long-term.” In addition to the 85-bedroom St Georgio Hotel, the site also includes a bar, restaurant and beauty salon, as well as the famous nightclub Faces, often frequented by fashion, television and sporting personalities. Nora Hotels Ltd was advised by Christie & Co.
The London Borough of Redbridge acquires the St Georgio Hotel, Ilford, for £9.1 million
By Glenny LLP