Investor Melford Capital Partners has bought 5-9 Great Newport Street in Covent Garden, London, for £40 million from Consolidated Development Limited. Savills completed the sale.
The Covent Garden site comprises three adjoining properties with a mixture of uses, including, theatre, gallery/ retail, offices and education facilities. The existing buildings total 44,725 square feet (4,155 sqm).
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 72,537 square feet (6,739 sqm) GIA.
The Great Newport Street buildings are 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.”
Savills acted jointly with Hanover Green LLP, notably Simon Hall and Neil Proctor.
