04 Dec 2012, 4:50 pm
Ediston Properties and Europa Capital's Europa Fund III purchased the property through joint venture The Ediston Opportunity Partnership in February 2010 for £13.25m. While the site currently holds 61,638 square feet of office and retail accommodation, the Ediston Opportunity Partnership obtained planning consent for a hotel and has reached agreement with the current tenant, BT, that it will surrender its lease, leaving the joint venture with a property with vacant possession in order to realise its investment.
The site is located on the south side of High Holborn at its junction with New Oxford Street and is considered by the London Borough of Camden's Local Development Framework to be one of the most suitable locations for larger scale growth and development including for hotel uses. The existing building at 199-201 High Holborn is Grade II listed, however the proposed conversion will not affect this building.
Ennismore Capital bought the Hoxton Hotel in London earlier this year. It is understood to be expanding the Hoxton Hotel brand in London, New York and Europe. The 208 bed Hoxton Hotel has been successful on the basis of a budget model with a ceiling for rates and set discounts for early booking. Ennismore Capital invests up to £150m of equity into real estate or privately held businesses, typically located in Europe or North America and valued at up to £300m.
