A £106m investment deal was reached with Aviva Investors to fund the project, which will see a 30-storey development built adjacent to Westferry DLR station.
Aviva Investors has acquired the freehold interest of the site through its Lime Property Fund. Whitbread, Premier Inn's parent company and the UK's largest hospitality company, will take a 30-year lease of the hotel and restaurant, which will become the brand's largest hotel in central London.
Led by property developer Rockwell and designed by architects SimpsonHaugh, the project will provide a gateway to Canary Wharf and is scheduled for completion in early 2022.
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Donal Mulryan, Founder of Rockwell commented: "This is a landmark development and we are delighted to complete the £106m transaction with Aviva Investors. It's been a pleasure to work with both Whitbread and Aviva to realise the delivery of this fantastic scheme, which will have a meaningful legacy for the surrounding area. This is an excellent template for bringing forward similarly high-quality developments in the future."
Kris McPhail, Fund Manager at Aviva Investors, added: "We are pleased to participate in this scheme with Rockwell and be part of the rejuvenation of the existing site. The transaction provides our investors with an attractive 30-year inflation linked income stream from a market leading UK corporate, underpinned by strong real estate with excellent transport links. These are exactly the type of investments we target for the Lime Property Fund."
As well as a hotel, which will create hundreds of jobs, Rockwell will also deliver 66 new homes of which 35% will be affordable.
(CM/JG)
