INVESTMENT HIGHLIGHTS
- The site is located in a premium location in central London next to Tower Bridge and Tower of London, and in close proximity to the City as well as to Canary Wharf. With direct access to DLR Tower Hill Station, the site benefits from direct links in less than 15 minutes commute to places like Piccadilly, City Airport or Canary Wharf.
- The site is part of much larger development composed of 4 blocks. The other 3 blocks which are all residential have already been placed and this is the last available site. The site is owned by a JV formed between a local developer and an overseas investment firm and they are currently looking to sale the site. An option for turnkey could be negotiated with the local developer.
- This site development has C1 hotel consent, and residential. The approved consent permits the construction of 236 keys hotel, 33 Serviced Apartments and 79 Residential flats for a total GIA of 29,304 sqm (315,433 sqf). The owner has also applied for an alternative residential-led scheme with commercial and 200 residential units. Decision expected in Q4 2020.
- In terms of areas for the current consent they are distributed as follows: A. Residential - GIA: 8,615 sqm (92,730 sqf), NIA: 5,975 sqm (64,318 sqf); B. Hotel - GIA: 18,705 sqm (201,341 sqf); C. Serviced Apartments -GIA: 1,734 sqm (18,665 sqf), NIA: 1,124 sqm (12,097 sqf); D. Other - GIA: 251 sqm (2,698 sqf).
- The site is currently off-market and the current owner is looking for a direct sale before placing the site in the market. Asking price is £90m or equivalent of £3,071 psqm or £285 psqf.
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