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News Release

London

Whitbread fires up hotel at Berkeley’s Royal Arsenal Riverside

JLL advises on deal


Whitbread has completed a leasehold deal on a new 128-bedroom Premier Inn and branded restaurant in the heart of Berkeley's Royal Arsenal Riverside development – bolstering the hotel chain's presence in the capital and supporting the growth of a new cultural destination in south east London.

JLL Hotels & Hospitality team advised Berkeley on the deal. 

 The deal with LaSalle Investment Management and Berkeley Homes, saw LaSalle Investment Management forward-purchase the leasehold on Berkeley's Woolwich site, on which Whitbread is now taking an institutional lease.

 Due for completion in Spring 2017, the new Premier Inn will be located just 250 metres from the forthcoming Woolwich Crossrail station, one of only two south of the river, which will link Woolwich to central London in just 20 minutes.  The hotel will be part of a thriving 88 acre mixed-use scheme delivering 5,000 new homes, 900,000 sq ft of commercial space and leisure facilities including shops and restaurants as well as the wider Royal Arsenal cultural and heritage quarter and will further boost the Woolwich economy.

 The Premier Inn deal follows the announcement of a number of new amenities at Berkeley's development reinforcing Royal Arsenal Riverside as a growing tourist and cultural destination.  Marks & Spencer announced its return to the area with a new foodstore on the site, and leading arts organisation, Dash Arts, has signed up to the future Cultural Quarter, which Berkeley is delivering in partnership with the Royal Borough of Greenwich.  Following the success of the Dial Arch pub, Young's has recently opened a second gastropub opposite it in the Guard House, a historic building dating back to 1787-88.

 Derek Griffin, Head of Acquisitions (London) at Premier Inn, said:

 "Woolwich is a hugely exciting area of London undergoing an amazing transformation – we are therefore delighted to have secured 128-bedroom hotel in the heart of Berkeley's Royal Arsenal Riverside scheme. Woolwich is an outstanding location – soon to reap the benefits of Crossrail and an estimated £1.5bn investment by 2030.

 "With strong customer demand and the popular appeal of the Premier Inn brand in London – the capital is an important growth area for us. With a spate of big ticket new deals in London already this year we're showing we have the flexibility, expertise and capital to secure the very best sites."

 The Woolwich deal comes hot on the heels of Whitbread's recent announcement that it has acquired its new Marylebone site for a brand new 290-bedroom hub by Premier Inn on 191 Old Marylebone Road, acquired from Aviva Investors.

 Karl Whiteman, Divisional Managing Director of Berkeley Homes (East Thames), added:

 "With the arrival of Crossrail in 2018 and the forthcoming cultural quarter, Royal Arsenal is a growing riverside destination.  With City Airport so close by and popular events such as the Thames Tall Ships Cruise and regular farmers' market held on-site, Woolwich is becoming ever more popular with tourists and the new hotel will add to the area's wealth of amenities."

 On 3 March Whitbread reported its Q4 Premier Inn sales were up 11.1% and occupancy across the Premier Inn estate at 81.1%. Overall, Whitbread is building towards a milestone target of 85,000 bedrooms by 2020, up from approximately 65,000 open and trading today.

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