Global real estate firm Avison Young UK and JLL have been jointly appointed by Z Hotels, to sell the freehold interest in its Leicester Square property, a market-leading boutique hotel in the heart of London’s West End.
Structured as a sale and leaseback offers are invited at a guide price of £42 million for the freehold interest, with a guaranteed 35-year leaseback to Z Hotels.
The hotel has 95 boutique bedrooms across four floors, with a basement restaurant. The proposed hotel lease is structured around a 5 yearly reviewed rent, indexed to CPI and a separate ground floor restaurant lease to Steak & Co.
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Located at Garrick House, 3-5 Charing Cross Road, the site has undergone conversion from an office to reinstate the original use of the building as a hotel. The hotel has been designed to provide maximum energy efficiency and will be fully operational by June 2025.
Strategically positioned directly off Leicester Square, the hotel is surrounded by London’s most popular tourist landmarks, nightlife destinations and the West End’s cultural attractions, driving consistently high occupancy levels. The property is highly connected, with TfL and National Rail stations within 5 minutes walking distance and nearby Elizabeth Line routes at Tottenham Court Road opening up Heathrow Airport in under 50 minutes.
The hotel will operate with low environmental impact, with ESG credentials boosted by the installation of low carbon technologies including photovoltaics, heat recovery units and non-refrigerant water-cooled air conditioning.
The post £42m Leicester Square hotel freehold hits the market as sale and leaseback opportunity appeared first on Premier Construction News.
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