Alternative asset manager Cheyne Capital has appointed leading UK design and build company McAleer & Rushe to work alongside its in-house development team to deliver a £140m innovative serviced accommodation and hotel community-orientated project on the banks of the Grand Union Canal.

The mixed-use scheme will transform the site of the former London Taxi Drivers’ Association HQ in Westminster, delivering 332 modern serviced accommodation rooms featuring amenities such as a well-being centre, a swimming pool and a cinema.

Key to the development is the high quality space dedicated to community groups and businesses. 1100sqm of workspace specifically designed for SMEs, small start-ups and craftspeople will be delivered with 20% of the space to be capped at affordable levels to encourage community-led projects and the creative industries.

The scheme will also support the socio-economic regeneration of the area and includes a number of significant public realm enhancements, such as a new piazza which will enable public access to this part of the waterside for the first time and form a new dining and community-focused destination.

The building is designed to achieve a BREEAM Excellent rating and will vary in scale and height, from 3 to 12-storeys, as well as incorporating 2200 sqm of green biodiverse roofs. The facade will be predominantly brick with varying reveals while the pavilion building will feature terracotta rainscreen cladding with large format glazed elements to enhance visual connections across the canal-side.

Commenting, Mark Elliott, Contracts Director at McAleer & Rushe stated:

“We are delighted to have won another significant contract in London with this development complementing the exemplary work of our team on other major projects including Mount Pleasant and Wandsworth, further reinforcing our growing footprint in the city.

“This community-focused scheme will have a transformative impact on the local area through the social value it will add with its dedicated community space and the economic value it will generate, via the allocation of affordable small business hub workspace.

“We are excited to be working alongside Cheyne Capital to deliver this project which we know will have a positive lasting impact on the local community for years to come.”

Jack Greenhalf, Development Manager at Cheyne Capital added:

“We have selected McAleer & Rushe to help deliver this project because of their expertise in delivering high quality, creative projects in Central London. Their commitment to building sustainably is aligned with our own values and we look forward to seeing this project come to life during the build phase.

“This will be a landmark development for Westminster with a strong focus on community engagement. Taxi House will deliver a wide range of amenities, open to residents and the public, promoting an exciting location to live and visit.”