Staycity Heathrow sold for £32.4m

The Staycity serviced apartment and hotel business in High Point Village, Heathrow, has been sold for £32.4m.

The property, which is operated by Staycity, opened in 2012 and recently underwent an expansion with the addition of 125 new apartments – taking its total number of letting units to 269.

CBRE sold the property – part of the High Point Village development, a residential scheme on the doorstep of the new Crossrail station – on behalf of Ballymore to Schroders UK Real Estate Fund.

Lewis Corby, capital markets and brokerage at CBRE Hotels, said: “Serviced apartments represent one of the fastest growing parts of the hospitality sector; supply in the UK has grown at 3.9% per annum since 2008.

“Staycity has gained significant market presence over past few years, helped by their attractive leased operating model, appealing to a wider range of real estate investors and lenders.”