Tooting hotel development option up for sale for £12m
Planning permission has been granted by the London Borough of Wandsworth for construction of a 373-bedroom hotel totalling 114,440 sq ft
A prominent brownfield site on Tooting High Street which offers options for a hotel development has been brought to the market at a guide price of £12m.
Commercial property advisor Colliers has been instructed by LHG (London Hotel Group) to market the 0.2 hectare site, which has been unoccupied for around five years. It presently comprises a number of derelict vacant buildings, notably the former Tooting Constitutional Club, and outdoor areas including a storage yard and disused bowling green.
Planning permission has been granted by the London Borough of Wandsworth for construction of a 373-bedroom hotel totalling 114,440 sq ft and extending from three to six storeys in height, incorporating four additional storeys of basement accommodation with an atrium lightwell.
The site also has lapsed planning for a 45-unit residential development, and as a result is being marketed on a dual basis of hotel or residential development.
Colin Hall, head of London Hotels Agency at Colliers, said: “The proposed high-quality hotel will set a precedent for the wider regeneration of Tooting High Street.
“It has been designed in a contemporary style that is sympathetic to its surroundings, and will be constructed in red and grey brickwork to reflect the character of the area with graduated heights to provide a transition from neighbouring three storey properties.”
William Agnew, associate director in the Residential Development team at Colliers, added that the site was being marketed on a dual basis as it has lapsed planning permission for residential development and also has potential for development as a co-living rental product.
He said: “The site has a lapsed planning consent granted in 2016 for a 45-unit residential development. Furthermore, in the last three years Wandsworth has become one of the most welcoming London Boroughs for co-living developments, having granted consent on over 500 beds already.
“The existing planning consent for a 373 bed hotel scheme presents a strong precedent for a similarly sized conversion of the consent into design-led co-living accommodation.”
