Derwent London agree boutique hotel venture at the Tea Building
04 Nov 2008
Derwent London, one of London’s most dynamic and innovative property developers, has let the former White Swan Pub premises at Tea Building in Shoreditch to Soho House UK Limited.
Derwent London has secured planning permission for a new 10,000 sq ft boutique hotel to complement Nick Jones’ existing venture at Tea Building, Shoreditch House, an exclusive private members club. Building works for the hotel will start early in 2009 and should be completed by Christmas 2009. On completion, Soho House will take a lease expiring in March 2031 at an initial rental of £285,000 per annum with a rent free period of 12 months. There will be a rent review in 2011 and at five-yearly intervals thereafter. The letting follows on from the launch of Shoreditch House in June 2007. Shoreditch House is arranged over the top two floors of Tea Building and contains a roof-top swimming pool, two bowling alleys, a gym, Cowshed spa and restaurants and bars, all under the control of Soho House UK Limited.
The former White Swan Pub is located on Bethnal Green Road in Tea Building. Derwent London bought the former Lipton Tea warehouse for £22m in 2000 and gave it a £6m makeover in 2003, rebranding it Tea Building. Tenants at Tea Building include the award winning advertising agency Mother as well as other notable names in the architectural, design, advertising and creative industries such as Aegis plc, Tomato Films, Buckley Gray Yeoman Architects and Stephen Archer Architects.