A new hotel along with residential and retail space is set to be developed in the centre of Milton Keynes, following the completion of a £3.28m deal by Palmer Capital, national property consultancy Lambert Smith Hampton (LSH) has announced.
LSH advised Palmer Capital on the sale of 0.3 acres to developer Vastint Hospitality BV which plans to build a 256 bed hotel on the site, to be operated under Marriott’s Moxy hotel brand.
The deal is the first to complete at the 2 acre site, known as Aubrey Place, which has remained undeveloped for 10 years following estate management issues with neighbouring land owners. Real estate investment management company Palmer Capital is now submitting plans for a residential led mixed use scheme on the remainder of the land, which sits next to the town’s Hub leisure district.
Commenting, LSH Director Hugh Anderson, who advised on the deal, said “After a competitive sales process, which saw strong interest from a variety of parties, we have successfully sold the first tranche of Aubrey Place on behalf of Palmer Capital.”
“This was an excellent opportunity to acquire a centrally located site, in a prominent and thriving city centre, the sale price reflecting the strength of the Milton Keynes hotel market.”
Gallus Land of Cardiff acted as legal advisers to Vastint.
