A prominent brownfield site in South London has been brought to market by Colliers with a guide price of £12 million.
The 0.2-hectare freehold site is located on Tooting High Street and provides options for hotel or residential development.
The opportunity comprises several derelict vacant buildings, including the former Tooting Constitutional Club, a storage yard and disused bowling green.
Unoccupied for five years, the site is being sold by London Hotel Group (LHG) with planning permission from the London Borough of Wandsworth for construction of a 373-bedroom hotel.
The planning permission covers a development which would total 114,440 sq ft, extending from three to six storeys in height and including four additional storeys of basement accommodation with an atrium lightwell.
There is also lapsed planning permission for a 45-unit residential development, which is why the site is being marketed on a dual basis by the agent.
“The proposed high-quality hotel will set a precedent for the wider regeneration of Tooting High Street,” explains Colin Hall, head of London Hotels Agency at Colliers.
“It has been designed in a contemporary style that is sympathetic to its surroundings, and will be constructed in red and grey brickwork to reflect the character of the area with graduated heights to provide a transition from neighbouring three-storey properties.”
William Agnew, associate director in the residential development team at Colliers, adds: “In the last three years Wandsworth has become one of the most welcoming London Boroughs for co-living developments, having granted consent on over 500 beds already.”
“The existing planning consent for a 373-bed hotel scheme presents a strong precedent for a similarly sized conversion of the consent into design-led co-living accommodation.”
The brownfield site is just 200m from Tooting Broadway underground station and 600m from Tooting Railway Station, while also being in close proximity to Tooting Bec and Balham underground stations.
It is also well-served by local buses and is located nearby St George’s Hospital. In recent years, Tooting has been included in the list of the world’s 10 Coolest Neighbourhoods compiled by the travel guide Lonely Planet, which described it as an ‘uber-cool neighbourhood’ with one of the best ‘curry corridors’ in the country.
This post has originally been featured in Property Investor Today.