A prime piece of London real estate, adjacent to both Park Lane and Piccadilly, and which forms the major part of the 5-Star Metropolitan by COMO hotel, is being brought to the market by specialist property adviser Christie + Co on the instruction of Canada Life Investors.
The freehold investment benefits from two co-terminus 125-year leases, with approximately 78 years unexpired. The tenant, Comojo (Gibraltar Ltd), also sub-lets part of the property to the Colony Club Casino, operated by Genting UK.
The opportunity, available in the form of an asset acquisition comprises the majority of The Metropolitan Hotel together with nine apartments and the Colony Club Casino.
The hotel has been presented in many guises in the past, and after a major re-fit in 1997 was re-named The Metropolitan by COMO and transformed into a 5-Star lifestyle hotel – accommodating the first Nobu restaurant in Europe and the former members-only Met Bar. The hotel comprises 102 guest-rooms and nine apartments.
Director and Head of Investment at Christie + Co, Jonathan Parrish, says:
“Opportunities on Park Lane, particularly freehold investments, are the rarest of rare things. With its long income profile, substantial passing rent (set to increase considerably at the next rent review in 2015), and the high quality reputation of the tenant, we expect a competitive process for this investment opportunity, attracting investors from the UK and worldwide.”
Offers expected of circa £40 million.
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