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Reduced price for ‘blank canvas’ hotel opportunity in Westminster

Westbourne_Terrace

A rare opportunity to overhaul a hotel in London into boutique accommodation is being marketed by Colliers.

The former Victoria Garden Hotel, which was originally converted in the 1960s from two large family homes into a 68-letting bedroom hotel is on the market for the first time in its history.

While still presenting its original 1840s period façade, 100 to 102 Westbourne Terrace, near Paddington, is actually a steel-framed construction which is primed for modernisation in-line with boutique hotels in the area for the London market.

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Owners Property Investment (Development) Limited has recent agreed to reduce the asking price to offers over £20m.

Colin Hall, from Colliers’ London hotels agency team said: “Despite the challenges facing the hospitality sector during the pandemic there’s still plenty of appetite out there from investors especially for city locations which will bounce back once international travel returns. With a lack of stock available hotel values are holding for the few properties that come to the market.”

The property is 26,000 sq ft spread across 10 floors and includes a substantial catering kitchen, office, staff areas and canteen, laundry and boiler rooms. There is also a lift, roof terrace, rear terrace, courtyard and eight parking spaces to the front.

Hall adds: “This is a rare opportunity to purchase a single asset in a prime location, and because the hotel is a blank canvas there are several options available for a new owner to consider as well as inspiration from properties nearby that can be drawn on.”

Tags : Colliersfor saleLondonproperty
Zoe Monk

The author Zoe Monk

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