London Hotel Group has acquired two major sites in the capital totaling £22m as it looks to expand its portfolio.
The developer has snapped up the Grade II Listed former Greenwich Magistrates' Court and a 0.5-acre site at 111-113 Tooting High Street and is currently exploring options for both sites.
Christian Desira, Director, LHG: "We firmly believe in the strength of the London property market and are on the lookout to acquire quality sites in the capital with development potential.
"Our experience and market knowledge tells us that both of these sites offer great opportunities for good-quality developments in desirable London locations and we are confident they will make great additions to the LHG portfolio.
"We will be revealing our plans for the redevelopment of these sites in the coming months."
The former Greenwich Magistrates' Court occupies an approx 1.01-acre (0.41 hectare) corner plot on the junction of Blackheath Road and Greenwich High Road just west of the Greenwich Centre.
The rear elevation and a number of internal areas have been substantially altered over recent decades creating an opportunity to provide sympathetic development of the site through part demolition and redevelopment whilst enhancing the existing Grade II Listed building.
The purchase of the 0.5-acre (0.2 hectare) site in Tooting Broadway in the London Borough of Wandsworth is of strategic importance, with the area fast becoming one of the most sought after and desirable residential locations.
Tooting was recently voted into the Top 10 neighbourhoods by Lonely Planet and benefits from nearby large green spaces including Tooting Bec Common with its leisure areas and lido.
The acquisition by LHG of these two sites follows its recent investment in the Borough of Croydon where it is building a new £90m hospitality hub.
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
For more information visit www.togethermoney.com
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