Consolidated Development has sold 5-9 Newport Street in London’s West End to Melford Capital Partners for £40m.
The 44,725 sq ft site comprises three adjoining properties providing a mixture of uses, including a theatre, retail, offices and education facilities.
The site has planning consent for a 322-seat theatre, a 66-bedroom hotel with rooftop bar and pool, in addition to a restaurant, bar and gallery space. The consented scheme extends to 72,537 sq ft.
Joshua O’Rourke, associate in the hotel capital markets team at Savills, which represented Consolidated Developments on the sale, said: “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.
