Tenure: Development Opportunity, Investment Opportunity, For Sale Freehold
Location: Woolwich Road, London, SE7 8SU
The existing property is a 3 storey building comprising a pub across basement and ground floor level and a 23 room Hotel across first and second floor extending to 10,200 sqft GIA.
The property is located on Woolwich Road and is approximately a 2 minute walk from Charlton Overground Railway Station which provides services into London Bridge in 22 minutes.
The building is situated on a landmark corner plot and is a 2 minute walk from Charlton Athletic Football Club (The Valley) with seating capacity for 27,111 and hosting regular matches.
Planning permission was granted in August 2017 for 8 x flats and 2 x commercial units. Planning reference: 15/2272/FUL.
Planning permission has been submitted utilising the same massing as the approved residential scheme for the conversion of the existing hotel and construction of a third floor to create a 60 room hotel and retention of the original pub at ground floor level. Planning reference: 18/2673/F.
The proposal involves conversion of existing hotel with side extension and erection of an additional floor to accommodate 60 hotel rooms. At ground floor level the public house will be refurbished, with the smaller function room being converted into additional hotel rooms. The remaining ground floor will comprise 12 x rooms . There will be 17 x rooms at both first and second floor and 14 x rooms at roof level.
The proposal will extend to 17,771 sqft GIA.
We are aware that the existing hotel charges a blended rate of £60 per night giving the hotel an ERV of c. £503,000 pa. Based on Comparable evidence we are of the opinion that the 60 unit scheme finished to a good specification would be able to achieve a blended rate per night of £120 giving it an ERV of £2,628,000. (this is based on 100% occupancy).
The property is available freehold with vacant possession.
We are aware that the property is not elected for VAT.