The project is being developed by Regal London and designed by Dexter Moren Associates, with a long-term lease of the property agreed between Regal London and Staycity.

This will be Staycity's second Wilde property in London following the opening of the first on The Strand last year. When complete the development will occupy 68,795 square feet over 14 storeys, featuring 156 studio and one-bedroom apartments, an ancillary café at ground floor level, guest lounge and fitness room.

Neil Short, Staycity development director, London, said: "This letting demonstrates that Staycity is an increasingly viable alternative to office and residential uses in central London. Commercial Road is a great fit for our Wilde brand with its close proximity to the City and the popular hipster East End haunts. It also benefits from a number of rail and tube services making it ideally placed for both our business and leisure customers."

Simon De Friend, joint CEO of Regal London, said: "Staycity's second Wilde offering is set to become a valuable asset for local professionals and the residents of East London and guests alike. Tower Hamlets' vision for Whitechapel, alongside the pending arrival of Crossrail, has spurred regeneration along Commercial Road. New residential and commercial offerings are continuing to emerge, attracted by the proximity to the City and Old Street as well as the thriving arts and culture scene."

Wilde Aparthotels is Staycity's design-led premium brand, offering high quality, bespoke apartments equipped with the latest intelligent in-room technology including a 43" flat screen smart TV and touch control panels for lighting, air conditioning, towel rails and blinds. Luxury features include a super-comfy XL-sized bed, rainfall shower and high quality bed linen complemented by a collection of Irish-inspired crafted accessories and soft furnishings.