High-profile mixed development project in central London to go on sale

LONDON: A prominent hotel and residential development project at 336 – 337 Strand, London, is up for sale. The partially-constructed project when completed will comprise a 173-key hotel finished to a five-star standard with 79 residential apartments with 92 underground car parking spaces, as envisioned by Forster + Partners.

Located in the same neighbourhood as Bush House, One Aldwych Hotel, Waldorf Hilton and the Strand Theatre, 336 – 337 Strand forms an island located on the southern side of Aldwych in between the West End and the City.

The project is marketed as a freehold interest with vacant possession where the new owner may redesign the proposed scheme, such as changing the residential element to hotel or serviced apartments, subject to planning approval.

PriceWaterhouseCoopers (PwC) partners Barry Gilbertson, Mark Shires and Russell Downs have been appointed joint receivers of the project and have instructed partners international property consultant Cushman and Wakefield to market the freehold interest in the property, according to a statement by the latter.

PwC real estate partner Barry Gilbertson said it is happy to offer what it considers a “potential ‘trophy’ asset” to a market famished for good property opportunities.

"Since we were appointed, we have already had more than 140 expressions of interest, so we expect 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,” he added.

“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,” said Stephen Richardson, partner at Cushman and Wakefield who is advising on the sale.

Cushman and Wakefield expects many international brands to take part in the sale as part of efforts to gain entry into the London hotel market, it said in the statement.