LONDON — The MRP Group, specialists in the serviced apartment and aparthotel sector, are pleased to announce the release of Project Landmark Pinnacle, a mixed-use development of 162 units in Canary Wharf, London. The MRP Group, in conjunction with JLL, has initiated an exclusive search for a qualified operator to lease or manage the property and a potential investment sale as well.
Landmark Pinnacle will become Europe’s tallest residential building, extending 75 stories high. The designated aparthotel space will be comprised of studio and one-bedroom apartments on the second – tenth floors. Guests can enjoy many conveniences including a gym, residents lounge, F&B space, and a large, welcoming foyer. The sought-after C1 permitted use allows the aparthotel operator to attract strong demand from both corporate and leisure travellers, giving them the ability to optimise occupancy and ADR.
An expanding array of lifestyle and leisure attractions make Canary Wharf a fabulous place to live and work. From an eclectic array of restaurants and bars to five shopping malls, and the O2 Arena, guests of Project Landmark Pinnacle will not have to travel far for entertainment. Canary Wharf is served by Jubilee Line underground, three DLR stations, and the new Crossrail. Thames Clippers river buses stop at Canary Wharf Pier, a short walk from Landmark Pinnacle, and only four miles east is London City airport.
Canary Wharf, home to over 30 blue chip companies, is one of the largest employers of financial, legal, and media professionals. Due to its substantially lower cost of rent and a unique infrastructure of connectivity, major global firms are expected to relocate their offices from the City of London to Canary Wharf.
Demand is primarily generated by corporate business guests, which can drive a higher occupancy rate midweek. Hospitality providers in the local area achieved occupancy of 75% and ADR of £180 last year. Overall, London’s hospitality sector has enjoyed occupancy growth of 3% and ADR gains of 6%, driving RevPAR growth of 9%, compared to the same of last year.