Chinese developer Giant Mind Properties Group has put a hotel development on Liverpool Street up for sale.
The developer has appointed CBRE and Savills to sell its freehold interest in Bavaria House, 13-14 Appold Street, EC2, for offers in excess of £75m.
Designed by Kohn Pedersen Fox, the fully-consented mixed-use hotel and office tower comprises 340,085 sq ft arranged over four basements, ground and 45 upper floors. The consented scheme is for a 416-bedroom hotel on the upper 26 floors, plus 88,286 sq ft of office space and amenities including a gym, spa and F&B offerings.
The development site is being offered with the potential to “explore alternative uses”.
Giant Mind bought the site from New York developer Masterworks Development Corporation, owner of the Club Quarters hotel brand. Masterworks paid BayernLB £37m for the existing 43,497 sq ft building in 2014.
Any sale of the project would add to an already active year of investment in the hotels sector. Investment in the UK hotel market had reached £3.8bn at the end of the third quarter, already surpassing the total 2023 volume by £1.6bn, according to Savills.
Savills projects that year-end volumes will reach £5bn, returning activity to 2019 levels.
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