Property advisor Savills has been appointed by Pan Albion Group to sell the freehold of a site with consent for a new Residence Inn by Marriott Cambridge.

The riverside site, at Mitcham’s Corner in Chesterton Road, just north of the city centre, has full planning permission for the 134-room apart-hotel. A franchise agreement has been secured with Marriott International and scheme boasts a Gross Development Value (GDV) in excess of £50 million.

The four-storey apart-hotel will feature an open plan reception, lounge, restaurant and bar, gym and business centre. The development also includes a retail unit on the ground floor and aims to achieve BREEAM Excellent.

Richard Dawes, director of Savills Hotel Capital Markets, said: “We are delighted to introduce this best-in-class and rarely available freehold development to the market. Cambridge has a high performing economy, a thriving hotel sector and a recognised shortage of branded extended stay rooms.”

Charlotte King, Savills Hotel Capital Markets associate, said,:“This high-quality centrally located site is ideal for an aparthotel such as Residence Inn by Marriott, which will be able to drive market-leading returns in operation through a combination of the above average RevPAR (revenue per available room) and high margin operational model associated with a brand-new extended stay product.”

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