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The freehold interest of Z Hotel’s site in Leicester Square has been brought to market at a guide price of £42m.
Avison Young UK and JLL have been jointly appointed by Z Hotels to sell the freehold interest of the Leicester Square property, with a guaranteed 35-year leaseback to Z Hotels.
The hotel has 95 boutique bedrooms across four floors, with a basement restaurant.
The proposed hotel lease is structured around a five yearly reviewed rent, indexed to CPI, and a separate ground floor restaurant lease to Steak and Co.
Located at Garrick House, 3-5 Charing Cross Road, the site has undergone conversion from an office to reinstate the original use of the building as a hotel.
The hotel has been designed to provide maximum energy efficiency and will be fully operational by June 2025.
Positioned just off Leicester Square, the hotel is surrounded by London’s most popular tourist landmarks, nightlife destinations and the West End’s cultural attractions, driving “consistently high” occupancy levels.
TfL and National Rail stations are within five minutes walking distance and nearby Elizabeth Line routes at Tottenham Court Road connect to Heathrow Airport in under 50 minutes.
The hotel will operate with low environmental impact, with ESG credentials boosted by the installation of low carbon technologies including photovoltaics, heat recovery units and non-refrigerant water-cooled air conditioning.
