Penta Real Estate has entered into a partnership with international hotel group Staycity Group to develop the Morley House project in Farringdon, London.
Through a joint venture, the companies will invest more than £230 million in a new 350-room aparthotel operated under Staycity’s premium Wilde brand. Penta Real Estate will hold an 80% stake in the joint venture, with Staycity holding the remaining 20%. Completion is expected in 2028.
Morley House will combine accommodation with a range of other uses, including approximately 1,000 sqm of new office space, a restaurant, bar, delicatessen and coworking facilities. The development will also include the refurbishment of the neighbouring Grade II listed City Temple Church. Planning permission has already been secured and demolition of the existing office building is currently underway.
Located in Farringdon, one of central London’s best-connected districts, Morley House is the first joint project between Penta Real Estate and Staycity Group. It represents another step in Penta Real Estate’s expansion in the UK, following its entry into the London market in partnership with Ballymore.
