Northern Ireland based developer and contractor McAleer & Rushe has announced that construction has commenced on a new 620 room hotel and hybrid aparthotel development in Paddington, London with a contract value worth c.£82 million.
Led by developer Concierge 3, a consortium of BSW Land & Property, Staycity and The Pickstock Group, the scheme is the final stage of the Paddington Basin Masterplan and part of a wider investment which has seen new offices, shops, homes and leisure facilities being built over the last number of years revitalising this unique location. The project will create both short- and long-term jobs and with the upcoming launch of the Elizabeth Line will further support the economic regeneration as Paddington continues to grow as a hub for business users as well as leisure visitors to the City.
The new development is expected to open late Summer 2021 and will be constructed on an existing two-storey basement and feature a 373-bed Premier Inn and a 247-bed Staycity aparthotel across 19 floors. The development will also deliver 27,000-square-feet of social and community floorspace.
Commenting on the development Emmett McGinley, Commercial Director, McAleer & Rushe Contracts UK said;
We are looking forward to working as development partners with Concierge 3 and all shareholders in delivering this exciting project within the wider Paddington regeneration masterplan. Our experience in delivering high quality mixed-use buildings will ensure this project is a real success and is currently our second major development in Paddington Basin.
Rabeea Shamsi CEO of BSW Land and Property, spokesperson for Concierge 3 Ltd. Said;
This exciting development will make a major contribution to the regeneration of Paddington and it also bears testament to London’s buoyant and resilient hospitality market. We will be working closely with McAleer & Rushe throughout the project and look forward to seeing this investment come to life on site.
This contract award further solidifies McAleer & Rushe’s position as one of the leading contractors in the Hotel sector which has seen them deliver over 24,000 hotel bedrooms in key cities across the UK and Ireland. The Company has successfully worked with leading developers in recent years to expand their presence in the Residential and Student Accommodation markets.