JLL and Michael Elliott advise on a prime consented hotel site in Soho
JLL and Michael Elliott have advised Quadrum Global on the sale of 54 and 55-57 Great Marlborough Street to the Reuben Brothers.
The site comprises two prominent adjoining freehold buildings currently totalling 44,000 sq ft with 100 ft of prime frontage to Great Marlborough Street. It benefits from full planning consent for demolition and redevelopment into a 118-key hotel with retail, restaurant and bar area totalling 63,400 sq ft over two basement levels, ground and seven upper floors.
Along with their existing pipeline of hotel developments in central London, including near Grosvenor Square Mayfair, the “In & Out Club” on Piccadilly and the Millbank complex in Victoria, the Reubens Brothers will be bringing over 1,000 new hospitality jobs to the capital.
JLL also advised the owners on 47, 48 and 49-50 Poland Street which was acquired by the Reuben Brothers in August.
Jonathan Goldman, senior vice-president, Hotels and Hospitality at JLL comments: “It is rare for a consented hotel development site of this type to become available in such a prime area of London. We were pleased to support Quadrum Global through this sale which is another example of the current strength of the London hotel market.”
Mark Shipman, partner at Michael Elliott comments: “We are delighted to assist and advise Quadrum Global in executing their business plan and disposing of this prime Soho development opportunity.”