Bankside aparthotel switches hands for £40m

Family-owned Jastar Capital has purchased a south London aparthotel from Create REIT for a fee of over £40m.

The 75-unit Native Bankside at Empire Warehouse, 1 Bear Gardens, will remain under the management of Native Places, who manage six aparthotels in London, Manchester, Glasgow, and Edinburgh.

Jastar Capital’s other recent acquisitions include the Elvetham Hotel, The Winchester Hotel and Spa, and Wardrobbe Court.

Aparthotels bridge the gap between residential spaces and hotels, providing an apartment-style complex with hotel-type services and booking systems. Native Bankside is the first aparthotel in the UK to achieve a BREEAM Excellent rating.

Guy Nixon, founder and chief executive of Native Places, said: “Aparthotels are a safer haven than traditional hotels, partly because customers stay for longer periods, resulting in lower turnover and servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors.”

Adynaton advised Jastar Capital, Savills advised Create REIT.