Unique opportunity to acquire 5-star luxury hotel and residential development on London's Strand
22 Oct, 2009, London
The highly prominent hotel and residential development at 336-337 Strand, London is to be marketed for sale providing a unique opportunity for an investor to acquire and complete a 5-star hotel comprising 173 bedrooms with up to 79 residential apartments, in one of the most highly sought after locations in central London. Many international brands are expected to also consider this opportunity as they seek to gain a foothold in the London hotel market.
The hotel is partially constructed, comprising the triangular shaped south western section of the building, and arranged around a marble faced pyramid atrium. Development on site has been suspended, but it was envisaged that the completed new build project, designed by Foster + Partners, would comprise an 173 key hotel, finished to a 5-star standard, with 79 residential apartments and approximately 92 underground car parking spaces.
336-337 Strand forms an island site located on the southern side of Aldwych midway between the West End and the City. It is adjacent to Bush House and opposite One Aldwych Hotel, Waldorf Hilton Hotel and the Strand Theatre. The development is being marketed as a freehold interest with vacant possession with the option for the new owner to redesign the proposed scheme. For instance, the residential element could be changed to either hotel bedroom or serviced apartments, subject to planning.
Barry Gilbertson, Mark Shires and Russell Downs, all partners in PricewaterhouseCoopers, are the appointed Joint Receivers and they have instructed Cushman & Wakefield, the global property consultant, to work with the Receivers to jointly market the freehold interest in the property.
One of the Joint Receivers, PwC real estate partner Barry Gilbertson said: "As Receivers, we are delighted to be able to offer this potential ‘trophy’ asset to a hungry market, starved of good property opportunities. Since we were appointed, we have already had more than 140 expressions of interest, so we expect there to be very strong competition, from all around the world, to buy this property which is, after all, in a fabulous location, right in the heart of London".
Stephen Richardson, partner at Cushman & Wakefield who is advising on the sale said: “This is a rare and exciting opportunity for an investor, operator or major hotel brand to complete a development in one of central London’s most highly sought after locations and we expect strong demand from both domestic and international parties looking to make a bold statement in London’s world class hotel market.”
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