A prime central London hotel site in Bayswater has come to market with a guide price of £29.5m.
Savills, Knight Frank and Dron & Wright have been instructed to market 35 – 39 Leinster Gardens Bayswater, a Grade-II listed vacant hotel with refurbishment and development potential, to interested new owners.
The c.40,000 sq ft vacant former Holiday Villa Hotel property comprises 92 en-suite bedrooms, a restaurant, bar, club, meeting rooms and spa facilities.
The freehold site comprises five interconnected buildings and the property is arranged over lower ground, raised ground, and five upper floors.
The buildings were historically used as grand residences however, the internal floor layout has been transformed over the years into the existing hotel.
Planning permission has been granted for a change of use to residential or serviced apartments.
Henry Jackson, Head of Hotel Agency at Knight Frank, adds: “We are seeing strong demand for London hotel assets and whilst stock has been limited over the last year, levels are increasing. Assets where there is development and branding options are attracting good levels of interest. There are considerable amounts of equity seeking hotel investment opportunities and we are expecting an improving transactional market over the next 12 months.”