Jastar Capital has purchased the long leasehold interest in Custom House from Mapeley Steps for an undisclosed sum.
The Grade 1 listed building was built in the early 1800s and has a substantial frontage on the north bank of the River Thames between Sugar Quay and Old Billingsgate Market.
The building is currently vacant following the move of HMRC to a new headquarters in Stratford. Mapleley Steps is owned by Fortress Investment Group.
Under the previous owner, plans to develop the building into a luxury hotel came in for criticism from City of London Corporation, Save Britain’s Heritage and the Georgian Society, wich all opposed the scheme.
Jastar Capital said it would be consulting with major stakeholders and interest groups on the future of the building before bringing forward their plans for the next chapter in its rich history.
Jastar Capital is a family-owned business, which was set up by siblings Jay, Sindri and Taran following a demerger at Grange Hotels. The company owns a collection of hotels in London, such as Native Kings Wardrobe and Native Bankside, as well as in Hampshire, including The Elvetham and Winchester Hotel and Spa.
What it means
The future of Custom House has attracted plenty of press coverage with many people critical of previous attempts to turn it into a luxury hotel. The question is whether Jastar Capital can get the respective bodies onside if it intends to go down a similar route.