The MRP Group are excited to announce that Project 1919, a luxury Serviced Apartment building in Leicester has signed Heads of Terms. This is a 120 unit Aparthotel in the cultural hub of Leicester, the site will benefit from additional commercial space at the back of the property. The Serviced Apartment will encompass a range of studios and one beds with space allowance in the property for serviced offices, a hostel, residential apartments and a roof top bar. Project 1919 is in a prominent city centre location, within walking distance of the Highcross shopping centre and a short drive from Leicester railway station. Moreover, its central location allows visitors to access entertainment and business opportunities in this East Midlands hub. This development will act as a catalyst for the development of surrounding properties and buildings in the area. Having secured Heads of Terms with a substantial player in the Serviced Apartment market it will heighten the profile of the project, and bring attention to the surrounding area for a centre for development.
Leicester is the second largest economy in the East Midlands and is predicted to grow further to become the most productive economy in the Midlands. The attraction of the city for the operators of Serviced Apartments, is how well connected it is, with transport links across the country via rail, road and air. Additionally, Leicester has three universities within a commutable distance, providing the employers with a pipeline of highly skilled graduates. Not only this but operating costs are considerably less. Aside from a thriving business environment, there is a diverse range of leisure opportunities in Leicester. With a Summer programme filled with festivals and concerts as well as an array of cultural venues, there is no shortage of things to do for visitors.
Now that the exclusive Heads of Terms have been signed, the international Serviced Apartment operator will be working with the owner and developer to refine the scheme, to ensure that the property is delivered to the market ready to operate. Construction is programmed to take 18 months with a view of building works commencing after the summer. The programmed opening date is Spring 2021.
Max Thorne, The MRP Group’s CEO, said: “This Serviced Apartment project has been a core focus for us ever since the mandate was signed. Leicester is an exciting place to be in terms of business and leisure, and is a very well suited city for Serviced Apartments. There is a lot on offer currently and in the pipeline. Upon recognising the opportunity for an Aparthotel in this region, The MRP Group began an operator search and we are extremely pleased with the outcome. The operator for this Serviced Apartment will bring their expertise and world class brand to an upcoming cosmopolitan centre in the Midlands. This is a brilliant opportunity for them and we are certain that this will benefit their Serviced Apartment and Aparthotel portfolio.”
The MRP Group was founded in 2013 by Max Thorne after identifying a gap in the sector. The MRP Group is a leading consultant to the extended-stay market focusing on Serviced Apartments and Aparthotels. The group focuses and has extensive experience in advising, structuring, and transacting business agreements in the Serviced Apartment and Aparthotels industry. The firm has extensive property development experience in the UK, Europe, Middle East and Asia. Since its conception, The MRP Group have been nominated for the Industry Breakthrough and Innovation award at the ASAP Awards. This year they were nominated for Best Service Provider and Rising Star at the Serviced Apartment Awards.
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