SACO Property Group acquires two new sites for development for further Locke expansion

SACO Property Group, recently acquired by a private real estate fund sponsored by Brookfield Asset Management, has purchased a further two new sites in Southwark, London and the North Docks, Dublin for the expansion and development of their Locke branded aparthotels.

The 70,000 sq ft Tower Bridge Road site, to be called Bermonds Locke, is due to open in Spring 2020. The aparthotel will comprise 142 keys, comprised of 99 studios and 43 one beds, as well as all-day dining with outdoor seating, third wave coffee shop, cocktail bar, co-working facilities, two meeting rooms and a gym. The site is named after the original spelling for Bermondsey, meaning “dry ground in a marsh”. The shell and core will be delivered by Galliard Construction.

The 141,000 sq ft site, situated at North Wall Quay adjacent to the 3 Arena, will be called Beckett Locke. The aparthotel will comprise 241-keys, comprised of 138 studios, 72 one beds and 31 two beds, as well as all-day dining with outdoor seating, cocktail bar, third wave coffee shop / deli, co-working facility and gym. The site, due to open in Winter 2020 is named after Samuel Beckett, the Irish novelist and playwright who won the Nobel Prize in Literature in 1969 for his avante-garde minimalist work. The development will be delivered by Bennett Construction.

Eric Jafari, SACO Property Group’s MD, said: “Brookfield and our aspiration is to significantly increase the size of our portfolio over the course of the next five years through the acquisition of development opportunities across Europe. These two recent acquisitions are evidence of Brookfield’s support and commitment to making this a reality.

“We continue our hunt for the right development opportunities across Europe and are hopeful to make a few more exciting announcements within the very near future.”

The acquisition of Bermonds Locke and Beckett Locke are the first new developments undertaken by SACO since its acquisition by the Brookfield fund in March 2018.