Z Hotels has put its Leicester Square property on the market at a guide price of £42 million.
Located at Garrick House 3-5 Charing Cross Road, the building has undergone conversion from an office and comprises 95 boutique bedrooms across four floors and a basement restaurant. It is set to be fully operational by June 2025.
Structured as a sale and leaseback, offers are invited at a guide price of £42 million for the freehold interest, with a guaranteed 35-year leaseback to Z Hotels. The proposed hotel lease is structured around a 5 yearly reviewed rent, indexed to CPI and a separate ground floor restaurant lease to Steak & Co.
Avison Young UK and JLL have been jointly appointed to handle the sale.