Asia-based hotel group Dorsett Hospitality International has bought the Matrix Building, London EC3 for £14.05 mln (approx. 17.4 mln) from Martin Ellis and Les Ross, partners in Grant Thornton UK LLP and joint administrators of No 9 Aldgate Limited.
Doherty Baines advised the joint administrators on the sale of the building which is located adjacent to Aldgate underground station. It comprises 47,720 ft² (approx. 4,433 m²) of offices and is set to be converted into a hotel by the purchasers. The property would become the group's second hotel in London, joining the Dorsett London in Shepherd's Bush, which is under construction and expected to be launched in the first quarter of 2014.
John Connolly, Head of UK Development for Dorsett Hospitality International which is headquartered in Hong Kong said: "We are delighted to have completed our second acquisition which demonstrates our commitment to the London Hotel market. We are in a unique position by using our internal financial resources to acquire, develop and operate under a single entity. We are actively pursuing further hotel and residential opportunities in Central London."
Doherty Baines partner Rob Nelson who advised the joint administrators on the sale of the freehold and long leasehold interests said: "The price achieved reflected the strength of the location and the redevelopment potential which Dorsett Hospitality International has recognised."
Coplan Estates acted for the purchasers.
Source: MJ2 Limited