A land deal that will see a new hotel at the Opus 40 business park in Warwickahire has been completed for around £2million.
A new 122 room Premier Inn will be developed on the 1.6 acre plot following its acquisition by Whitbread PLC.
The sale follows the granting of planning consent to build a hotel facility at Opus 40 alongside a further 260,000 sq ft of office accommodation, currently awaiting planning consent, to complete the scheme, for which initial infrastructural works will begin in early May.
Richard Smith, Opus managing director, said: “Whilst primarily meeting the demand generated by companies in and around the business park, the new hotel will also boost tourism in Warwick and contribute to the economic vitality of the town.”
John Bates, head of acquisitions for Whitbread Hotels & Restaurants, said: “We’re very excited about bringing Premier Inn to Warwick and the Opus 40 Business Park.
“This will be the first new hotel to be built in the town since the mid-1990s so, and as our public consultation showed, there’s an untapped demand for affordable accommodation in the area.
“Securing this location for Premier Inn is good news for Warwick and good news for our customers.”
Whitbread’s overall investment is expected to be in the region of £8 million and the hotel, once operational, will create approximately 45 local jobs.
The scheme currently comprises three separate office buildings totalling some 280,000 sq ft of space.
Two of the buildings – with a combined area of 194,000 sq ft – are currently occupied by IBM and owned by Mapeley.
The third – ‘Point 3’ – comprising some 90,000 sq ft and occupied by telent plc, was sold last October to Hildane Properties for £14.4 million.
GVA Grimley and D&P Holt acted for Opus in the sale of the hotel site, Whitbread represented themselves.
The scheme is funded through the Palmer Capital Development Fund.