Savills has brought to market 4-5 Buckingham Gate London, a Grade-II listed building that has the potential to be transformed into a new hotel.
The building is currently being used as office and is entirely let to the Metropolitan Police Authority on a lease expiring in February 2020 at a rent of £1.35m per annum.
Prominently situated opposite Buckingham Palace the property currently provides 33,214 sq ft (3,086 sq m) of space set over lower ground, ground and a further four floors.
Located close to both Victoria and St James’s Park stations, the property is close to nearby developments including Nova at Victoria Street, 25 Wilton Road and 10 Broadway (New Scotland Yard).
The sale of the building is expected to attract a lot of interest.
Barry Mangan, director in the central London investment team, comments: “4-5 Buckingham Gate offers a prestigious address and a multitude of development options which will appeal to both investors and occupiers.”
Gary Witham, director in the hotels team at Savills, adds: “4-5 Buckingham Gate is a unique opportunity for a developer to create a well located central London hotel that will benefit from its close proximity to many major tourist attractions. The London hotel market remains robust as both business travellers and tourists continue to visit the city and capital investment into hotels in the city stood at £1.1 billion in the first half of the year.”