After breaking ground in February, construction work on the London hotel investment project has now reached its mid-point.
As the construction process reaches half-way on the hotel, work is continuing on the external steel framework, to which the brickwork will be fixed. On the ground floor, the blockwork is now well underway with the installation of the plant room and a new sub-station now nearing completion. The installation and commission of a new transformer, which will supply power to the hotel, is expected to take place over the course of the next month. Additionally, the contract packages for windows, cladding and roofing are now fully let with contracts due to begin in August.
The developer has also informed us that the design process of the building’s interior has also been progressing well. The design of the equipment and facilities for the kitchen, buffet and bar areas have now been completed. Final decisions are now being made with regards to the colour schemes and carpeting options that will be used throughout the development. Additionally, the process of selecting the furniture, fixtures and equipment within the hotel will also begin in August.
The hotel’s internal IT system is also making great strides with the detailing of the system having now reached completion. With this in place, the assembly of the primary components needed for the development’s communications room can begin shortly off-site. The communications room will house the servers for the hotel and all of the associated equipment.
Beyond the development itself, there has also been some exciting news for investors. As reported by The London Evening Standard on July 24th, a plan has been submitted for a £3.5bn scheme to transform the 62-acre Silvertown Quays site located directly across from the Royal Albert Dock Hotel development. The plans detail the creation of a new 3,000 home east London neighbourhood, the creation of a large piazza and a collection of ‘brand flagship’ pavilions for some of the world’s biggest companies.
The Royal Albert Dock Hotel investment has now sold out, but Principal International is pleased offer investors another excellent investment from the developers behind the Royal Albert Dock Hotel. Producing a 9%+ net rental return, 3 year assurance and fully managed by a specialist operator, The Glass Works student accommodation investment offers investors excellent returns.
For further information on the Glass Works, please click here.