Jastar Capital has begun initial consultation on its plans to convert a major office vacated by His Majesty's Revenues & Customs fronting the River Thames by Tower Bridge in London into a luxury hotel.
The group bought the long leasehold interest in Custom House, 20 Lower Thames Street from Mapleley Steps, owned by Fortress Investment Management, a subsidiary of SoftBank, for an undisclosed sum in 2023. The property was vacant at the time of sale.
A Grade I-listed building on the north bank of the River Thames, it overlooks Tower Bridge and Hay's Galleria across its 2.4-acre site and comprises 150,481 square feet of net internal area.
The property was built in the early 1800s and Jastar Capital has Orms-designed plans to convert it into a luxury hotel. It has not yet said how many rooms it is planning but says the building can accommodate around 170.
Following initial opposition to a previous hotel plan before the latest owner bought the site, Jastar Capital, owned by Raj, Jay, Sindri, and Taran Matharu, has sought input from stakeholders and interest groups.
Jastar Capital, a family-owned business formed after a demerger at Grange Hotels, owns various London hotels like Native Kings Wardrobe in the City and Hampshire establishments including the Victorian Gothic The Elvetham in Hook.
A website outlining the initial consultation plans has gone live here.
JaStar says its vision is to create a new hotel and cultural offering that positively contributes to the local economy and can serve as an asset to the local area. There will be food and beverage outlets and public realm.
The Custom House was first completed in 1817 and has stood on the site for over 200 years. The building has a unique history, having served as the hub for British custom duty collection in the 1800s.
During its life, Custom House has experienced the collapse and redesign of the Long Room and part of the river facade in 1825, the rebuilding of the East Wing in 1966 following damage suffered during the Blitz, and use as an office prior to being vacated by HMRC in 2021.