CBRE Investment Management has completed the development of a new 188-bed Premier Inn hotel in York. Premier Inn has signed a lease agreement for 25 years on the building. CBRE IM’s main contractor, Clegg Construction, constructed the new, highly sustainable, four-storey building on a one-acre plot, formerly the location of a retail warehouse leased by Carpetright.
The hotel is in a prime location on Foss Islands Road, close to York’s historic city centre, where attractions such as York Minster and Jorvik Viking Centre are located.
The building has been constructed to high sustainability standards, featuring multiple energy-saving technologies, such as air source heat pumps, heat recovery ventilation systems, LED lighting, photovoltaic panels, and electric vehicle charging points.
In light of this, the building has achieved an EPC A rating and is due to achieve a BREEAM rating of ‘Very Good’.
Jamie Philips, fund manager for UK Property PAIF at CBRE IM, said: “We expect growth in the hotels and catering sector to outpace the wider economy during the next five years. Tourism supports a significant number of jobs in York and given the strength of the city as a destination for tourists, combined with its current undersupply of hotel beds, the addition of a new modern and sustainable hotel will help to bolster York’s businesses and economy.
“This project sits firmly within the Fund’s strategy, providing a great opportunity to thoughtfully invest in and repurpose an existing asset, in order to create a long and sustainable cash flow for our investors.”
Clegg Construction managing director, Michael Sims, said: “We are tremendously proud to have delivered such a sustainable Premier Inn hotel for CBRE Investment Management and Whitbread PLC. The site is a historically sensitive city centre location in York, and I am delighted with how the Clegg Construction team conducted themselves with minimal disruption to local businesses and residents.
“The scheme achieved consistently high Considerate Constructors Scheme scores in audits taken throughout the contract. More than 80% of the workforce travelled 30 miles or less per day to reach the site – demonstrating our commitment to supporting the local community and to sustainability.”
He added: “As a company, Clegg Construction is very happy to have now handed over this new development which I am sure will be an asset to York and its tourism and business communities, along with the local economy.”