UK: A Grade II listed vacant hotel in central London with planning consent for a change of use to residential or serviced apartments has been bought to market with a guide price of £29.5 million.
Savills, Knight Frank and Dron & Wright have been instructed to market the vacant property at 35 – 39 Leinster Gardens in Bayswater, which currently comprises 92 en-suite bedrooms, a restaurant, bar, club, meeting rooms and spa facilities.
The freehold site comprises five interconnected buildings and the property is arranged over lower ground, raised ground, and five upper floors. The buildings were historically used as grand residences but the internal floor layout has been transformed over the years into the existing hotel.
Alex Sturgess, director in the Hotel Capital Markets team at Savills, said: “This is an extremely attractive investment opportunity to acquire a hotel asset in a prime central London location that provides excellent connectivity across London and in a part of London that is due to benefit from regeneration to create a modernised and vibrant retail and tourist destination. With redevelopment potential and planning permission in place we expect to receive strong interest from a wide range of investors.”
Henry Jackson, head of hotel agency at Knight Frank, added: “We are seeing strong demand for London hotel assets and whilst stock has been limited over the last year, levels are increasing. Assets where there is development and branding options are attracting good levels of interest. There are considerable amounts of equity seeking hotel investment opportunities and we are expecting an improving transactional market over the next 12 months.”
