C&W markets luxury hotel and resi project on London's Strand

Property adviser Cushman & Wakefield has been instructed by receivers at PricewaterhouseCoopers to market a luxury hotel and residential development on London's Stand. The minimum sale price has been fixed at £110 mln (EUR 121 mln) and bids have already been welcomed at or in excess of this figure.

Cushman & Wakefield said the development at 336-337 Strand offers 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, the property adviser said, are expected to consider this opportunity as they seek to gain a foothold in the London hotel market. There have already been 140 expressions of interest.

The hotel is partially constructed, comprising the triangular shaped southwestern 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 a 173 key hotel, finished to a 5-star standard, with 79 residential apartments. The was also to be 92 underground car parking spaces.

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.'