A 219-year-old Sui Generis property in the heart of Shoreditch — one of London's highest-demand hospitality corridors. Pre-existing late-night licences, freehold purchase option, and three distinct revenue streams.
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Sui Generis Asset
Unrestricted use class. 9,795 sq ft across basement, ground, first, second floors and rooftop. No change-of-use application required for hospitality operations.
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Prime Shoreditch
Old Street roundabout. 2-min walk from Old Street Station (Northern Line). Silicon Roundabout tech cluster. Shoreditch High Street 5 min south.
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Freehold Option
Purchase option at £6.5–7M once operations stabilise. Current stabilised valuation estimate: £13.4M at 6% cap rate. Potential £6.3M value creation.
Where History Meets Innovation
219 years of Old Street heritage. Reimagined for the next generation of hospitality.
The Concept
Three Revenue Engines, One Building
Lume Shoreditch is a vertically integrated micro-hotel with three distinct P&Ls: premium capsule accommodation, a rooftop wellness concession, and a seasonal craft cocktail bar.
Rooftop
La Terrasse Bar + Plunge Pool
Pierre Bedoullat — Seasonal craft cocktails, May–Oct
CONCESSION
Rooftop
Sauna85 Wellness
Harrison Kenworthy & Jonas Bonde — Scandi-inspired urban sauna
JWA Architects — Internal reconfiguration across five levels. All works internal to existing envelope; no external alterations required.
Total NIA: 9,795 sq ft across all levels · Sui Generis planning use · Internal works only
Location Intelligence
Shoreditch — London's Highest-Demand Micro-Market
262 Old Street sits at the nexus of London's tech, creative, and nightlife districts. 2 minutes from Old Street Station (Northern Line), 90 seconds from Silicon Roundabout.
Competitive Set
Property
ADR
Dist.
Type
Zedwell Piccadilly
£55–75
3.2mi
Capsule
The Hoxton Shoreditch
£150+
0.4mi
Boutique
Point A Shoreditch
£65–90
0.3mi
Budget
citizenM Tower of London
£120+
2.1mi
Lifestyle
Lume Shoreditch
£60
—
Premium Capsule
Our £60 ADR underwriting sits deliberately below the capsule comp (Zedwell) while delivering a significantly superior product. Upside to £65–68 is pure alpha.
The Team
Institutional-Grade Operators
Three specialist operating partners, each responsible for a distinct revenue unit. Aligned through MOUs with fee-to-equity conversion mechanisms.
Hadi Irvani
Managing Director / GP
Deal originator. GP co-invest alongside LPs. Deal sourcing, structuring, capital stack architecture.
Alexis Janoray
Chief Investment Officer
Financial oversight, model governance, investor reporting. Institutional alignment and fee framework architecture.
Agustin Cobos Alvear
Hotel Operations / Bosmino Ltd
5-year management contract. 2.5% GOR base + sliding GOP incentive. £40K fee-to-equity conversion. Pre-opening & stabilisation lead.
Pierre Bedoullat
Bar Concession / La Terrasse
Seasonal rooftop bar (May–Oct). 10% GOR to Lume + 30% GOP profit share. Ex-Chiltern Firehouse. Craft cocktail programme.
Co-founder Sauna85. Copenhagen-trained wellness design. Operational partner for thermal infrastructure and programming.
AP
Aleksander Prus
Product & Technology
PMS integration, OTA distribution, digital guest experience. Tech stack architecture for Lume's automated check-in and revenue management systems.
KZ
Kevin Zhang
Analyst / LSE
Financial modelling, market analysis, and investor reporting. Supports underwriting, sensitivity analysis, and operational KPI tracking.
HG
Hugh Griffiths
Development Manager / Vaux
Project oversight and delivery. Vaux Developments — managing the build programme, contractor coordination, budget control, and quality assurance across all construction phases.
The Bar Programme
La Terrasse — Rooftop by Pierre Bedoullat
A year-round rooftop bar on one of Shoreditch's only elevated terraces. Summer: craft cocktail programme. Winter: Belvedere Vodka (LVMH) branded activation with heated terrace and seasonal menu. Operated via La Terrasse Ltd as a concession — 9% GOR royalty + 30% of Profit to Lume (MOU v17).
Pierre Bedoullat — Lead Operator (55%)
4 years Head Bartender at COYA (Arjun Waney’s £350M/yr Azumi Group, Mayfair). 4 years Bar Manager at BEAT London (£1,000+ min-spend members’ club). ESMOD Paris (design-hospitality). Designs cocktail programme, hires team, manages full P&L.
Marvin Dez — Entertainment & Operations (45%)
15+ years in London's electronic music scene. Co-founder of White Rabbit (deep house × live jazz, Bar & Co Thames). Part of Muak (People Together) collective — 30+ years of deep house. DJ/producer, documentary composer (Fairytales of Growth, 2020). Curates all entertainment programming at zero agency cost.
Revenue Line
Year 1
Year 2
Year 3
Gross Operating Revenue
£507K
£735K
£808K
9% GOR → Lume (Base Royalty)
£45.6K
£66.1K
£72.7K
2% FF&E Reserve (Joint)
£10.1K
£14.7K
£16.2K
Bar GOP (after COGS + OPEX)
£121.9K
£150.8K
£174.8K
30% of Profit → Lume
£36.6K
£45.2K
£52.4K
70% of Profit → La Terrasse Ltd
£85.3K
£105.6K
£122.4K
Total to Lume
£82.2K
£111.3K
£125.2K
Concession terms (MOU v17): 9% GOR is a clean, flat royalty — no gross/net mechanism. Trading season floor: £3,500/mo (Yr 1–2), £4,200/mo (Yr 3+). Winter holding fee: £1,000/mo. 2% FF&E reserve returned on clean exit. Concession co-terminous with head lease (25yr). Winter activation: Belvedere Vodka (LVMH) branded bar with heated terrace, seasonal menu, and Sauna85 co-programming.
Pro Forma
5-Year Financial Model
Conservative underwriting: ADR £60 (revised from £68 per comp analysis), 65%→85% occupancy ramp. Three-scenario sensitivity. ~22% IRR at Year 4 exit (8× EBITDA).
Phase 1 raises £850K for build and launch. Equity called based on project completion progress — last tranche adaptable. Phase 2 freehold acquisition triggered by operational proof.
Sources — £850,000
GP Co-Investment (Hadi Irvani)
£100,000
GP Co-Investment (Strategic Partner)
£100,000
LP Investors (4–5 × £150K tickets)
£650,000
Total Phase 1
£850,000
Uses — £850,000
FF&E / Pod Procurement
£320,000
Construction / Fit-Out
£280,000
Pre-Opening & Working Capital
£100,000
Soft Costs (DD, Legal, Project Fees)
£60,000
Contingency (10%)
£90,000
Total Phase 1
£850,000
Deal Terms
Club Deal Subscription
Structured as a bespoke club deal via Lume Shoreditch Ltd (Co. No. 16870085). £150K minimum tickets with flexible equity structuring.
Subscription
£150,000
Fixed ticket — the only investment level for this SPV
Capital Calls
Tranched
Called in line with project milestones; last tranche adaptable
Target IRR
~22%
3-year hold; group exit
GP Co-Investment
Aligned
GP invests alongside LPs — no single investor dominates
Carried Interest
20% / 8%
Over 8% preferred return hurdle
Sourcing Fee
5%
Of equity raised — one-time at close
Asset Management
£5K/mo
£60K p.a. — 3 operating partners to coordinate
Equity Format
Flexible
Direct equity or shareholder loan (international tax-efficient)
Shareholder Register
<20%
Sub-20% holders can elect to stay off Companies House
Brand Co Equity
10%
Pro-rated Lume Brand Co (Cayman) — platform upside
Hold Period
3 Years
Asset held; investors repaid from operations. Group exit decision.
Distributions
Quarterly
From operating cash flow after stabilisation. Pref accrues from Day 1.
Fee Transparency
Aligned Interests, Clear Economics
Every fee is structured to align GP and LP interests. Lume central fees are designed to be significantly cheaper than OTA channels while building direct brand equity.
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Lume Brand Royalty
0.75% of Room Revenue. Contributes to central brand standards, quality assurance, and institutional positioning across the Lume platform.
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Central Marketing
1.25% of Room Revenue. Funds platform-wide marketing, SEO, content, and paid acquisition. Every property benefits from network scale.
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Distribution Platform
5% of direct bookings via Lume.com — vs. 15-20% OTA commissions. Pay for performance. Incentivises all parties to drive direct traffic.
Operating Partners
MOU-Bound Operators
🏨 Hotel Operations — Bosmino Ltd
Agustin Cobos Alvear · 5-year management contract (MOU v1.5) · 2.5% GOR base fee + sliding GOP incentive (0-10% based on margin) · £40K fee-to-equity conversion · 6-month stabilisation period · All operating costs within Lume P&L · Monthly reporting + quarterly investor updates.
🧖 Sauna85 Wellness — JV
Harrison Kenworthy & Jonas Bonde · Rooftop thermal wellness · Revenue share with minimum guarantee · Year-round operations · Scandi-inspired urban sauna + cold plunge · Targeting April/May 2026 activation.
🍸 La Terrasse Bar — Concession
Pierre Bedoullat + Marvin Dez · 6-month seasonal operation (May–Oct) · 10% GOR to Lume + 30% GOP share · Pierre bears full operating costs · £69K–£110K annual contribution to Lume P&L (bear/bull).
Capital Deployment
Disciplined Two-Phase Strategy
Why deploy £1.85M on Day 1 when you can prove the model with £850K first? Phase 2 freehold acquisition is triggered by operational proof — not assumptions.
Phase 1 — Build & Launch (£850K)
FF&E, pod procurement, fit-out, pre-opening, working capital. Equity called in tranches based on construction milestones. Last tranche adaptable. Rooftop revenue (sauna + bar) begins Day 1.
Phase 2 — Freehold Acquisition
Purchase option at £6.5–7M exercisable once operations stabilise. Commitments secured now; drawn post-stabilisation. Stabilised valuation est. £13.4M (6% cap). Potential £6.3M value creation at exercise.
Risk Register
All planning and licensing pre-work completed. Capital commits and deploys within 2 weeks.
Planning & Licensing
DE-RISKED
Complete: Sui Generis planning confirmed. Licence transfer (not new application) in progress. All pre-work done — no planning approvals outstanding. Capital deployment ready.
Construction Overruns
MEDIUM
Mitigation: No fixed-price GC — acknowledged. Vaux Developments oversight, 10% contingency built in, equity called in tranches (last tranche adaptable), GP co-investment alignment.
Licensing / Bunhill CIA
LOW
Mitigation: Pre-existing late-night licences (01:00-02:00). R11 policy alignment confirmed. DPS appointment in progress. Licence transfer — not new application.
ADR Pressure
LOW
Mitigation: Conservatively underwritten at £60 (down from £68). Zedwell comp pressure factored in. Basement discount applied. Upside to £65-68 is pure alpha.
Delay / Lease Timing
MEDIUM
Mitigation: Lease kicks in before cash flows — buffer in working capital. Rooftop generates revenue from Day 1 (sauna + bar operational ahead of hotel).
Operator Dependency
LOW
Mitigation: Three independent operators on MOU-bound contracts. No single point of failure. Fee-to-equity conversion aligns incentives. ICP retains termination rights.
Exercise purchase option at £6.5–7M. Stabilised value est. £13.4M.
Growth Pipeline
Right of First Refusal — Lume Platform
Every Lume Shoreditch investor receives automatic ROFR on future Lume sites. Four properties in active pipeline.
● LIVE
Lume Shoreditch
262 Old Street · 76 pods · Rooftop bar + Sauna85 · £850K raise
● DEVELOPMENT
Lume Flagship
300+ pod flagship property · London location TBC · Institutional scale
● TARGET
Lume Soho
Central London lifestyle positioning · Premium ADR potential
● TARGET
Lume Garlick Hill
City of London · Heritage building conversion · ROFR reserved
Investor Portal
Your Investment Dashboard
Track your position, access documents, and monitor performance — institutional-grade transparency powered by Infill Capital Partners.
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Capital Account
Real-time view of your committed capital, called capital, remaining commitment, and current NAV. Tracks every capital call and distribution.
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Document Vault
Subscription agreements, MOUs, quarterly reports, K-1 equivalents, and legal documents — all in one secure, auditable repository.
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Distributions
Track distributions, preferred return accrual, and waterfall calculations. Full transparency on GP carry and LP returns.
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Performance Metrics
Monthly KPIs: ADR, RevPAR, occupancy, NOI, EBITDA. Scenario-tracked against underwriting. Benchmark vs. comp set.
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Capital Calls
Upcoming calls with milestone triggers, wire instructions, and funding deadlines. Automated notifications. Full audit trail.
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Reporting & Updates
Quarterly investor letters from the GP. Board-level updates on operations, construction, and strategic decisions. Direct GP communication channel.
Investor portal access will be provisioned upon subscription execution. Powered by Infill Capital Partners institutional infrastructure.
Frequently Asked Questions
Investor FAQ
Why £850K and not £1.85M?▾
Phase 1 covers build and launch — the operational proof of concept. Phase 2 (freehold acquisition at £6.5–7M) is a committed but separate capital call triggered by operational performance. This is disciplined deployment: you don't pay for the building until you know the business works. Equity is called in tranches based on construction progress, and the last tranche amount is adaptable.
What if construction costs overrun?▾
We are not contemplating a fixed-price, fixed-date contract with a single GC — so cost overrun risk is real and acknowledged. Mitigations: Vaux Developments provides project oversight, a 10% contingency is built into the budget, equity is called in tranches (last tranche adaptable), and GP co-investment ensures skin-in-the-game alignment. Delays also cost money (lease kicks in ahead of cash flows), so working capital reserves include a buffer.
Why is ADR underwritten at £60 rather than £68?▾
Conservative underwriting, informed by Aleksander Prus's comp analysis. Zedwell's aggressive pricing policy and some of our inventory sitting in the basement justify the safer assumption, even though local comps give headroom to £65-68. Any outperformance above £60 is pure alpha for investors. No changes to occupancy assumptions given the location strength and small inventory size.
How are fees structured?▾
5% sourcing/structuring fee (one-time at close, with retrocession to the local GP). £5K/month asset management fee (justified by 3 operating partners to coordinate). 20% carried interest over 8% preferred return. Lume central: 0.75% of room revenue (brand) + 1.25% (marketing) + 5% of direct platform bookings (vs. 15-20% OTA commissions). Every fee is designed for alignment and transparency.
What is the Lume Brand Co participation?▾
Investors in this SPV receive a pro-rated 10% of Lume Brand Co, a Cayman Islands exempt company. This gives you exposure to platform-level upside as Lume scales beyond Shoreditch — across the flagship, Soho, and Garlick Hill pipeline.
Can I invest via loan instead of equity?▾
Yes. Shareholder loan format is available as an alternative to direct equity. This can be tax-efficient for international investors. Same economic exposure — structure choice depends on your personal tax position. We recommend consulting with your tax advisor.
Will I appear on the Companies House register?▾
Only if you choose to. Shareholders holding less than 20% can elect to remain off the Companies House shareholder register, which simplifies ongoing compliance for international investors.
What happens if there are delays?▾
The lease starts accruing costs before hotel cash flows begin — this is acknowledged and a buffer is contemplated in working capital. Critically, the rooftop (Sauna85 + La Terrasse bar) generates revenue from Day 1, well ahead of the hotel pod activation, providing an early income stream to offset holding costs.
Why a 3-year hold? Can I exit earlier?▾
This is a hold-and-operate asset, not a flip. The 3-year minimum hold allows the asset to stabilise operationally (occupancy ramp 65%→85%), build brand equity, and reach peak valuation. Investors are repaid from operational distributions throughout the hold period, not just at exit. The group exits together as a syndicate — timing based on optimal market conditions and stabilised NOI. Early individual exits would require GP consent and a secondary buyer within the club.
Document Vault
Investor Documents
All documents required for subscription are available below. Review, complete, and return the required items to proceed.
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Subscription Agreement
Legal subscription terms, 25-year lease highlights, investor self-certification, risk factors, and distribution waterfall.
Required
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Wire Transfer Instructions
Bank details, tranche payment schedule (2x £75K), fraud prevention notice, and KYC requirements.
Reference
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KYC / AML Questionnaire
Source of funds declaration, PEP screening, entity details, and supporting documentation checklist.
Required
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Side Letter
Bespoke terms: enhanced information rights, co-investment ROFR, board observer, and transfer provisions.
Optional
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Investor Deck
12-slide institutional presentation covering thesis, financials, risk analysis, and team overview.
Reference
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Onboarding Pack
Complete document checklist, 6-step onboarding process, and GP contact details.
Reference
📧 All documents will be sent via email upon expression of interest, or contact hadi@infillcapitalpartners.com to request the full subscription package.
Express Interest
Join the Syndicate
Submit your expression of interest below. A member of the Infill Capital Partners team will contact you within 48 hours with the full subscription package.
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