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£110m price tag for half finished hotel development on London's Strand

23 October 2009 by
£110m price tag for half finished hotel development on London's Strand

The administrators of the half finished, Foster & Partners designed hotel on the Strand in London have put the property up for sale for a minimum price of £110m.

The 11-storey property, which forms the island site at the southern end of the Strand, was being developed into a 173-bedroom, five-star hotel as well as 79 apartments.

But the development was placed into the hands of administrators at PricewaterhouseCoopers (PwC) in July by BBVA, Spain's second largest bank, after the Spanish developer Urvasco ran out of funds.

PwC real estate partner Barry Gilbertson said: "As receivers, we are delighted to be able to offer this potential 'trophy' asset to a hungry market, starved of good property opportunities.

"Since we were appointed, we have already had more than 140 expressions of interest, so we expect there to be very strong competition, from all around the world, to buy this property."

Stephen Richardson, partner at Cushman & Wakefield, added: "This is a rare and exciting opportunity for an investor, operator or major hotel brand to complete a development in one of central London's most highly sought after locations and we expect strong demand from both domestic and international parties."

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By Daniel Thomas

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