UK real estate investor Melford Capital Partners has acquired a redevelopment in London’s West End from property company Consolidated Development for £40 mln (€47 mln).
The site on 5-9 Great Newport Street, WC2H, consists of three connecting buildings with a combined area of 4,155 m2.
The mixed-used properties include a theatre, gallery/retail, offices and education facilities.
A planning approval for the location allows for the construction of a 322 seat theater, a 66-room luxury hotel with a rooftop bar and pool, a restaurant, a bar, and gallery space.
The gross leasable area of the approved plan totals 6,739 m2.
The property is located in the heart of London’s West End theatre district, surrounded by a number of theatre, restaurants and shopping destinations.
Joshua O’Rourke, associate in the hotel capital markets team at Savills, said: ‘We’re delighted to complete the sale of this prime site in one of London’s strongest leisure destinations. The transaction shows that in spite of recent economic headwinds, investor appetite remains strong for freehold hotel development opportunities in Central London.’
Savills represented the seller jointly with Hanover Green.
