The half-finished Foster & Partners designed hotel on The Strand, London has been put on the market for £110m.
Initially developed by Spanish group Urvasco, the site was earmarked as a five-star hotel with 173 bedrooms, 79 luxury apartments and underground parking, but in July, six months after work halted on the site, administrators PricewaterhouseCoopers (PwC) were called in.
The development, located between the West End and the City on the former site of the Marconi building, is being marketed as a freehold interest by property agents Cushman & Wakefield on behalf of PwC with the opportunity for the new owner to redesign the proposed building.
Stephen Richardson, partner at Cushman & Wakefield, said a further £90m investment would be needed to complete the hotel, and expected demand for the property from domestic and international parties to be strong.
“This is a rare and exciting opportunity for an investor, operator or major hotel brand to complete a development in one of central London’s most highly sought after locations,” he said.
PwC revealed they have so far had over 140 expressions of interest on the property since their appointment.