Edyn has acquired part of the Landmark Pinnacle development in Canary Wharf for £62.5 million. The 162-key asset will operate under its new serviced apartment brand, Cove, which launched at the end of June.
Arranged over the first ten floors of the newly-developed 75-storey residential building, Cove Landmark Pinnacle will comprise 72 studios and 90 one-bedroom apartments – 54 of which will feature winter terraces. In addition, guests will have access to the gym and members’ lounge, golf simulator and winter garden.
Located in Canary Wharf’s South Dock, the property is aiming to attract corporate demand from the area as well as benefiting from proximity to City Airport, Central London and the Elizabeth Line, opening next year.
Cove Landmark Pinnacle is the second signing Edyn has announced under the Cove brand, furthering its presence in the British capital, which already includes locations in The City and Covent Garden. The deal follows a recent signing with developer Grosvenor of a 60,000ft² site in the Liverpool One development.
“Landmark Pinnacle will be a flagship location for Cove, realising our vision to create a next generation serviced apartment brand,” comments Managing Director Steven Haag. “This property will be one of the most preeminent offerings in London apartments, with unbeatable amenities such as access to the 56th floor gym. This ambitious project demonstrates our ability to target different types of real estate in prime city locations, including working with leading developers on forward purchase turnkey developments.”
In June, Edyn announced nine Cove sites would be included in the initial brand roll-out; eight of which are refurbishments of its traditional serviced apartment brand, Saco. The launch of Cove signals Edyn’s continued resilience in the extended stay sector after reporting it ended the first half of the year with an average occupancy exceeding 70%. The group believes Cove’s adaptable hospitality concept will represent a significant opportunity for new real estate acquisitions across the UK and Europe in the coming years.
Edyn’s portfolio also includes lifestyle aparthotel concept Locke, which will open seven new locations in the UK, Ireland and Germany in 2021, with further openings planned across Europe into 2022 and beyond.
