35- 39 Leinster Gardens, a Grade II listed vacant hotel in Bayswater, London, has been brought to the market for a guide price of £29.5m.
The 40,000 sq ft vacant hotel property houses 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.
Historically, the buildings were 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 apartment.
Alex Sturgess, director in the hotel capital markets team at Savills, who is instructing the sale said that this is an “extremely attractive” investment opportunity to acquire a hotel asset in a “prime central” London location.
Henry Jackson, head of hotel agency at Knight Frank, who is also instructing the sale, added: “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.”