Melford Capital Partners has purchased 5-9 Great Newport Street, Covent Garden, in London’s West End for £40 million.
On behalf of Consolidated Development Limited, Savills has completed the sale of the mixed-use property to Melford Capital Partners.
The site comprises three adjoining properties which contain a mixture of uses, including, theatre, gallery/ retail, offices and education facilities. The existing buildings total 44,725 sq ft (4,155 sq m).
The site benefits from a rare planning consent to deliver a 322 seat theatre, 66 bedroom luxury hotel with rooftop bar and pool, restaurant, bar and gallery space. The consented scheme extends to a total of 72,537 sq ft (6,739 sq m) GIA.
The property is location on Great Newport Street in the heart of London’s West End theatre district, surrounded by a number of the world’s leading theatres, restaurants and shopping destinations.
Joshua O’Rourke, Associate in the Hotel Capital Markets team at Savills, says: “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.”
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