Real estate investment company Apirose has secured planning permission to for the £40 million new-build 121-key property, its first serviced apartment project.

SACO Property Group has been appointed development manager for the build, which is expected to complete in April 2020, and to operate the scheme under a management agreement as a Locke aparthotel.

Kingsland Locke will feature 121 studio and one-bedroom apartments over five floors, a gym, restaurant, cocktail bar and a co-working space for 152 guests.

Apirose chief executive Manish Gudka said: "The acquisition of the Kingsland Road site marks our first move into this exciting and growing sector. There is an undersupply of aparthotels in this part of London making the Kingsland Locke development a strong addition to our real estate portfolio."

Andrew Fowler, acquisitions director at SACO, added: "Our partnership with Aprirose on Kingsland Locke represents an exciting addition to the Locke family. Dalston is an ideal location for Locke. We look forward to working with Aprirose to delivering a unique experience that reflects the locality."

SACO has an ambitious roll out plan for the Locke brand. Additional sites have been acquired in Cambridge, Dublin, Paris and Berlin and are due to open between 2018 and 2020.