New Premier Inn and Bar + Block Steakhouse on London’s South Bank tops out
On Wednesday 21st August 2019, Frogmore hosted a Topping Out Ceremony at its 274-bedroom ‘New Marlborough Yard’ hotel development on The Cut, just moments from London’s South Bank. The UK Real Estate specialist was joined by LaSalle Investment Management (“LaSalle”) and Whitbread, who will operate the hotel under its Premier Inn brand, including a Bar + Block Steakhouse.
Construction of the hotel commenced in July 2018, with contractor Gilbert Ash targeting Practical Completion in April 2020. The Premier Inn and Bar + Block Steakhouse are expected to open in Autumn 2020. The main structural frame of the hotel has now been completed, marking a major milestone in the delivery of the project.
New Marlborough Yard sits on a one-acre site between Ufford Street and The Cut in Southwark and has been designed by Dexter Moren Architects. Comprising two blocks of accommodation, connected via a glass bridge, the development will have an attractive courtyard and public space featuring seating and a landscaped ‘pocket park’. The development has been designed to achieve a BREEAM ‘Excellent’ rating.
Located approximately 100m from Southwark Underground station and 300m from Waterloo mainline station, the hotel will be well positioned for public transport across London and further afield.
Jo Allen, Chief Executive for Frogmore, said: “We’re delighted to be celebrating this milestone with Whitbread and LaSalle and are excited to be a part of helping to grow the Premier Inn network across the Capital. The hotel should be a welcome contribution to the vibrant Southwark scene; with the addition of the Bar + Block Steakhouse, as well as the additional open space for public enjoyment.”
Jonathan Langdon, Acquisitions Manager for Central London at Whitbread, said: “The creation of high-quality local jobs was an important consideration in the planning case for New Marlborough Yard. With the development now topping out we are one step closer to recruiting for the 70 new roles on offer in the Premier Inn and Bar + Block Steakhouse. Our approach is to recruit locally for all new Premier Inn hotels and we hope residents living in the local area will be interested in applying as we get closer to opening what will be one of our flagship hotels in Central London.”
Frogmore secured a forward funding investment sale of the development worth £85 million from LaSalle, investing on behalf of Greater Manchester Pension Fund.
Tom Rose, fund manager and Head of Relative Return strategies at LaSalle, commented: “We’re delighted to be celebrating the topping out of this development, which is situated in one of the most attractive areas of central London. The asset has very strong fundamentals and offers a fantastic return profile to our client given Premier Inn’s long‐term lease with inflation‐linked uplifts.”
For more information, please contact:
For Frogmore:
Anna King / Amit Chakravarty at YOU Agency on 020 7420 3550 / Frogmore@you-agency.com
For Whitbread:
James Anderson, Property Communications Manager at Whitbread on James.Anderson@whitbread.com / 07850 944 798
For LaSalle Investment Management:
Dominic Tonner / James Davey / Finn McLaughlan at Hawthorn Advisors on 020 3745 4960 / lasalle@hawthornadvisors.com
Notes to editors
- There are currently more than 76,000 Premier Inn and hub by Premier Inn bedrooms across the UK and Ireland; four of which are in Southwark – Borough High Street, Tate Modern, Tower Bridge and Bankside.
- There are twelve Bar + Block Steakhouses open at the moment (and three in London – Wimbledon, Kings Cross and Aldgate – with Sutton opening in the autumn)
- More information on the design of New Marlborough Yard is available here: https://www.dextermoren.com/archive/project/new‐marlborough‐yard‐southwark/
- The project team for New Marlborough Yard includes:
- Dexter Moren Associates – Architect
- Gardiner & Theobald – Project Manager and Cost Consultant
- Clarke Bond – Structural Engineer
- Applied Energy – M&E Engineer
- Tower Eight – Tenant Project Manager
- Axiom – Tenant Architect
- Colliers International – LaSalle Project Monitor
- Gerard Nolan & Partners – Frogmore Hotel Advisors
- The recruitment process for Premier Inn hotels typically commences between five and six months ahead of a new site opening. Recruitment for New Marlborough Yard will be channelled through Job Centre Plus and other local channels.
- Whitbread has a recognised jobs and career development programme which would see the company looking to fill most roles through recruitment from the local area. Approximately half of the roles are expected to be filled by NEETs (young people not in education, employment or training) and people who have been long‐term unemployed.
About Frogmore Real Estate Partners Investment Managers Ltd
Frogmore Real Estate Partners is a UK real estate investment manager founded in 1961 that offers a broad range of solutions through non‐listed funds, separate accounts, partnerships and co‐ investments. It invests on behalf of a diverse group of global clients including pension funds and family offices. Frogmore Real Estate Partners is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
For further information please go to www.frogmore.co.uk
About Premier Inn
Premier Inn was named the UK’s top‐rated hotel chain for 2017 according to Which? With 800+ hotels and more than 76,000 bedrooms across the UK and Ireland, Premier Inn guests are never far from a great night’s sleep at fantastic value rates. Premier Inn hotels are in more locations than any other UK hotel brand for the ease and convenience of leisure and business travellers alike.
All Premier Inn bedrooms feature en‐suite bathrooms, a luxurious Hypnos® bed, a choice of pillows, TV with Freeview and free Wi‐Fi. A bar and restaurant is situated either on‐site or next door to each hotel, offering a wide range of food and drink including a delicious all‐you‐can‐eat breakfast.
Across the estate, the average Trip Advisor score for Premier Inn hotels is 4.2. The business has been awarded the Best UK Family Hotel in the TripAdvisor Travellers’ Choice Awards, Best UK Hotel Group in the Silver Travel Awards and the Business In The Community Environmental Leadership Award.
Great Ormond Street Hospital Children’s Charity is the National Charity partner of Premier Inn and to date team members, guests and suppliers have reached the milestone of £10 million, which formed part of the funding towards the Premier Inn Clinical Building, officially opened by HRH The Duchess of Cambridge in January 2018.
Outside of the UK, Premier Inn’s expansion plans are focused on two key markets; Germany and the Middle East, with plans to expand in Ireland. Premier Inn opened its first hotel in Frankfurt in 2016 and the business has more than 6,000 Premier Inn bedrooms in its secured pipeline in Germany.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately US$68 billion of private and public equity and private debt investments under management (as of Q1 2019). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open‐ and closed‐end funds, public securities and entity‐level investments. LaSalle is a wholly‐owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
