Watson Farley & Williams (“WFW”) has advised property developer Mantra Homes Ltd. (“Mantra”) on the pre-let to Nomad Aparthotels (“Nomad”) on the Project Sound development in Liverpool, England.
The pre-let covers the entire development which will be refurbished into a 34-room aparthotel operated by Nomad with operations due to start in 2021. This is Mantra’s first serviced apartment deal in what is a rapidly expanding area of the real estate industry. An aparthotel is a serviced apartment complex that uses a hotel-style booking system.
The refurbishments include a high-end design of the exterior and interior which will pay homage to the musical history of the building, with the aim of creating a unique and eye-catching property. In keeping with the city’s rich musical heritage, the design will also include music studios for bands to rehearse and record music, as well as a ground floor café/bar area for live music.
Headquartered in Liverpool’s Baltic Triangle district, Mantra builds and develops properties across the north west of England. Italy-based hospitality company Nomad operates aparthotels with the aim to create a central hub for travellers with properties in Italy, Switzerland and Malta. This will be Nomad’s first property in the UK.
Hetan commented: “I am delighted to have advised Mantra on this pre-let. This agreement paves the way for an exciting redevelopment of this property, centrally located in one of the UK’s most vibrant and dynamic cities. To advise on a deal in one of the hospitality sector’s fastest growing areas underlines WFW’s standing at the forefront of the real estate industry in general and hotel sector in particular”.