Hotel Development Opportunity – 153-159 Borough High Street, London
Christie & Co has been exclusively mandated to dispose of the leasehold interest in a hotel development site with full planning permission.
Located in a Zone 1 Central Location at 153-159 Borough High Street London, full planning permission has been granted to build a 50 bedroom luxury hotel with rooftop terrace and extensive ground and lower ground restaurant and bar.
Key Features
- Located on a highly prominent position on Borough High Street. SE1 moments from Borough Market, Borough Yards, the Shard Quarter, London Bridge mainline rail station, London Bridge and Borough underground stations and numerous commercial and corporate occupiers.
- Long leasehold interest in a cleared hotel development site with full planning permission implemented by the Freeholder. Freeholder in contractual agreement (the Landlord Works) to build the hotel to shell and core with the usual leaseholder fit-out obligations.
- Long Leasehold (Title TGL492547) with security of tenure from 21 December 2017. The Leasehold is within the Landlord and Tenant 1954 Act.
- Implemented full planning permission (LBS 15/AP/4980) for a 7-story luxury hotel (with basement) of GIA 23,125 sq. ft (2,148 sqm), comprising 50 upmarket boutique hotel bedrooms (c. 20-25 sqm) with A1/A3 bars and restaurant on the ground floor and lower ground floor and the rooftop terrace.
- Tenant pre-emption right to purchase the freehold (Title LN12057) i.e. the reversionary interest in the property/hotel development site.
- The leaseholder has a right to security over the freehold of the property/hotel development site by way of a second charge on the freehold title.
- In the alienation provisions in the lease, the tenant is permitted to sublet the restaurant(s) and/or bar(s) and/ or the rooftop terrace without landlord consent for the full term of the lease and to sublet one other part of the property subject to landlord consent for the full term of the lease.
- Sale of the long leasehold interest by means of a share purchase of the UK Registered SPV Company.
Detailed floor plans are subject to possible adjustments depending on the chosen operator. Full details on planning consent will be included in the dataroom.
Guide Price
Offers in Excess of £3,000,000 are being sought for the long leasehold interest by way of a share purchase of the UK Registered SPV Company.
