Penta Real Estate and Staycity Group Plan £230 Million Morley House Aparthotel in Farringdon

Penta Real Estate has partnered with Staycity Group to develop Morley House, a 350-room aparthotel in Farringdon, London, in a joint venture that will invest more than £230 million, the firm announced on Nov. 3, 2026. The property will operate under Staycity's premium Wilde brand, with completion expected in 2028.

Penta Real Estate will hold an 80% stake in the joint venture, and Staycity Group will hold the remaining 20%. Morley House is the first joint project between the two companies.

Morley House Development Details

Morley House is planned as an 11-storey aparthotel and mixed-use redevelopment near Holborn Viaduct in Farringdon. Alongside the 350 rooms, the scheme will include approximately 1,000 square metres of new office space, a restaurant, bar, delicatessen and coworking facilities.

The project also includes refurbishment of the neighbouring Grade II listed City Temple Church. Planning permission has been secured, and demolition of the existing office building is underway. Main construction is expected to begin imminently. Altius Real Estate is acting as development manager.

The investment of more than £230 million equates to roughly £657,000 per room, a development cost metric that is not comparable to a transaction price or valuation. Some trade coverage has reported a 2029 completion, while Penta's announcement cites 2028.

Staycity Group and the Wilde Brand in London

Staycity Group will operate Morley House under its Wilde brand. Staycity's Wilde portfolio already includes properties in Aldgate, Covent Garden, Paddington and Liverpool Street; the Liverpool Street property has 106 apartments. At 350 rooms, Morley House would be considerably larger than that existing site.

Staycity has other Wilde projects in the pipeline in London. A scheme at 19 Great Eastern Road in Shoreditch is expected to contain 275 apartments and is scheduled for completion in May 2027. Staycity and Citygrove have also secured planning for a 185-room Wilde aparthotel at 10 Wyvil Road in Vauxhall.

One report indicates that Wilde will operate Morley House under a 30-year lease. That term does not appear in Penta's announcement.

Penta Real Estate Expands in the UK

Morley House follows Penta Real Estate's entry into the London market in partnership with Ballymore, and the company described the project as another step in its UK expansion. Under the joint venture structure, Penta's 80% stake gives it the majority interest in the development, while Staycity's 20% share pairs its operating platform and Wilde brand with the project.

Farringdon Location and Market Context

Farringdon is one of central London's best-connected districts, with direct links to the Elizabeth line, Thameslink and several Underground services. Those connections give the site access to airport, national rail, business and leisure travellers. The Holborn Viaduct area also sits within a dense pipeline of commercial and mixed-use redevelopment.

The scheme combines apartment-style accommodation with office, coworking and food-and-beverage space, aimed at both extended-stay visitors and short-term guests. Together with Staycity's other Wilde projects in Shoreditch and Vauxhall, Morley House reflects the operator's continued build-out of a Zone 1 aparthotel network.

Sources

Penta Real Estate: Penta Real Estate and Staycity to develop £230 million London aparthotel