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Barkston and Courtfield Gardens hotel has been brought to the market with offers sought in excess of £20m.
The property features three Victorian buildings with vacant possession, and in total, the freehold property comprises 429 beds in 91 rooms spread across the three premises in Earl’s Court, SW5.
The property is made up of two interconnected buildings; 1/1A Barkston Gardens, 22 Courtfield Gardens and a separate building at 19 Courtfield Gardens which was historically used as ancillary hostel accommodation.
19 Courtfield Gardens holds planning permission to convert it into seven private residential apartments whilst the other buildings are said to have the potential for other uses, including conversion into further residential accommodation subject to planning consent. The three properties total almost 30,000 sq ft altogether.
Located just a three-minute walk from Earl’s Court station, Knight Frank said the site is in a “highly coveted spot” within the Royal Borough of Kensington and Chelsea, one of the city’s most affluent and exclusive boroughs. It is within easy reach of the Royal Albert Hall, Hyde Park as well as some of London’s most famous museums including the Natural History Museum, Science Museum and the Victoria and Albert Museum.
The Development Land and Hotels teams of Knight Frank LLP have been jointly instructed to bring the site to market.
Henry Jackson, head of Hotel Brokerage at Knight Frank Hotels team, said: “Knight Frank are bringing approximately 30,000 sq ft over three buildings to the market, located in the heart of the Royal Borough of Kensington and Chelsea (RBKC).
“Having operated as a hostel for many years, the property currently comprises 429 beds in over 90 bedrooms with the potential to convert into prime residential accommodation or the opportunity to modernise and invest in a hotel business that has welcomed guests from around the world for many years.”
He added: “We expect to receive a significant number of enquiries for this rare freehold opportunity, with significant value-add potential likely to be of interest to a large volume of real estate investors in the capital.”
Anthony Kazan, partner in Development Land team at Knight Frank, said: “Residential development opportunities of scale are in extremely short supply at present, both within the Royal Borough of Kensington and Chelsea, and across central London. In addition to its existing planning permission, the position of this property with direct views across two private garden squares and access into each is rare, and will further add to the appeal of this asset amongst prime residential developers and investors.”
