Premier Inn makes The Cut in Southwark
Latest generation Premier Inn and Bar + Block restaurant confirmed for approved New Marlborough Yard development
Premier Inn, the UK’s largest hotel brand, has confirmed it will occupy Frogmore’s approved 274-bedroom New Marlborough Yard development at The Cut in Southwark (SE1 8LE).
The new hotel is due to be built between Ufford Street and the Lewisham Southwark College Building on The Cut (the former LeSoCo campus) following the grant of planning permission in March this year.
Alongside the new hotel bedrooms, the Dexter Moren Architects (DMA) designed scheme will also include Whitbread’s latest Bar + Block restaurant format and high-quality public realm consisting of a public courtyard and pocket park.
Jonathan Langdon, Acquisition Manager (Central London) for Whitbread, who secured the site for Premier Inn said: “New Marlborough Yard is a superb site in one of London’s most interesting and well-connected places. Securing a Premier Inn hotel here demonstrates the quality of our offer and continues our history of investing and creating jobs in Southwark.”
Whitbread has agreed to take a long-lease on the consented development as it continues to grow the Premier Inn and hub by Premier Inn brands across the capital. The business currently operates four Premier Inn hotels in Southwark (at Borough High Street, Tate Modern, Tower Bridge and Bankside) which together employ more than 125 team members.
An additional 90 permanent jobs are expected to be created at New Marlborough Yard on the opening of the Premier Inn and Bar + Block, with recruitment focused locally through Job Centre Plus and other employment service providers. Whitbread is also targeting for half of the new jobs to be taken up by people currently out of education, employment or training (Neets).
Frogmore has secured a forward funding investment deal for the development worth £85 million from LaSalle Investment Management (LaSalle), investing on behalf of the Greater Manchester Pension Fund.
Jo Allen, Chief Executive of Frogmore said: “We’re delighted to have collaborated with Whitbread and LaSalle on the new Premier Inn and Bar + Block at The Cut. The development offers significant local benefits through job creation and valuable investment, as well as the provision of a pocket park for residents and the reopening of access from the site to Ufford Street.”
Tom Rose, Fund Manager at LaSalle Investment Management, commented: “This will be a high-quality development in an extremely attractive central London location. We’re pleased to have completed the investment on behalf of Greater Manchester Pension Fund, with Premier Inn’s long-term lease with inflation-linked uplifts providing an attractive return profile for our client.”
New Marlborough Yard is to be built on land to the north of Ufford Street in Southwark. The completed development will create a new pathway and courtyard connecting Ufford Street with The Cut to the north.
Two blocks of accommodation, connected via a glass bridge, will contain the Premier Inn bedrooms and Bar + Block restaurant and the courtyard will feature seating, sculptures and landscaped green spaces.
Jo Allen continued: “Delivering high-quality public areas for the local community and visitors was central to the design at New Marlborough Yard. Whitbread’s new Bar + Block brand will bring a smart and well-priced restaurant brand to The Cut, which we hope will be used by residents, people working locally and visitors alike.”
Construction of the proposed development started this summer and Frogmore have appointed Gilbert Ash as the principle contractor for the site. The development has been designed to achieve a BREEAM Excellent energy rating.
For more information, please contact:
James Anderson, Property Communications Manager, at Whitbread on James.Anderson@whitbread.com / 07850 944 798
Emily Barnes / Ben Copithorne / Richard Pia at Camargue on 020 7637 7366 / whitbread@camargue.uk
Lorna Cobbett / Dominic Tonner / Ryan Smith at Hawthorn Advisors on 020 3745 4960 / lasalle@hawthornadvisors.com
Notes to editors
- There are currently more than 72,000 Premier Inn and hub by Premier Inn bedrooms across the UK and Ireland, of which more than 12,000 are in London.
- More information on the design of New Marlborough Yard is available here: https://www.dextermoren.com/archive/project/new-marlborough-yard-southwark/
- 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 750+ hotels and more than 72,000 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 5,500 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$60 billion of private and public equity and private debt investments under management (as of Q2 2018). 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 independentsubsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies.
For more information please visit www.lasalle.com.
