Competitive bidding for 336-337 Strand reflects strong investor appetite for London hotel assets
17 Nov, 2009, London
The highly prominent hotel and residential development at 336-337 Strand, London which was put up for sale last month, has received strong interest from UK and international investors looking to secure Central London hotel assets.
336-337 Strand provides 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.
By the closing date for receipt of bids on 12th November, a total of 12 proposals had been submitted and are now subject to due diligence.
Barry Gilbertson, Mark Shires and Russell Downs, all partners in PricewaterhouseCoopers, are the appointed Joint Receivers and they 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 with the response to the property coming to the market with a short sale process and a minimum sale price. Twelve offers shows strong competition and is a very encouraging position for the Receivers, on behalf of the secured creditors. In offering this ‘trophy’ asset to a hungry market, starved of good property opportunities we were rightly optimistic of very strong demand for a very rare chance to buy this property which is, after all, in a fabulous location, right in the heart of London".
Stephen Richardson, partner at Cushman & Wakefield said: “Whilst we anticipated high levels of interest in this potential “trophy” asset, we have been delighted by the strength of the bids received, which we are being brought forward in negotiation with the best bidders.The successful bidder is expected to be announced shortly. “