Gem Hotels has acquired Wardrobe Court in central London from leading UK property company British Land, in a sales process run exclusively by CBRE.

Wardrobe Court is a freehold collection of interconnecting town houses totalling 92 spacious serviced apartments with its own private car park. The asset is ideally positioned in the heart of the City of London, minutes’ walk from St Paul’s Cathedral.

The historic property was sold with the benefit of vacant possession and generated strong interest from European, North American and Asian investors, with a sales price in the region of £70m.

Jay Matharu, Head of Acquisitions for Gem Hotels said, “The principal shareholders have 40 years’ experience in acquiring, owning, developing and constructing Hotels and serviced apartments in London. We understand the complexity of owning and developing hospitality accommodation within Central London and have ambitious plans to continue increasing our presence and portfolio throughout London.”