Walter House to be converted into 56-bedroom hotel under The Nadler brandNadler Hotels is hoping to open its fourth London hotel following the freehold acquisition of a Covent Garden property from Legal & General Property, on behalf of its UK Property Fund.
Walter House, located on the eastern corner of Strand and Bedford Street, currently comprises of 20,000 sq ft of vacant office space over five upper floors. Nadler Hotels is seeking planning permission to convert this into a new 56 bedroom boutique hotel under The Nadler brand.
When complete, this will be the fourth Nadler property in London and fifth overall, joining The Nadler Kensington, The Nadler Soho, The Nadler Victoria and The Nadler Liverpool. Offering a unique concept, Nadler Hotels focuses resources on the rooms, whilst offering guests insider information and privileged access to the area’s top attractions, restaurants and retailers - keeping prices lower in an affordable luxury environment while still providing the best of the best.
Robert Nadler, CEO of Nadler Hotels, commented: “Covent Garden is the perfect location for the latest Nadler hotel. Our objective has always been to deliver four-star rooms with five-star service based around an ethos of sustainability, and this new hotel will be no different, complementing both the area and our existing locations.”
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, said: “The sale of Walter House marks an end to our successful business strategy for this asset. The property has performed very well for the fund compared to the wider market over its hold period, and this subsequent sale allows us to crystallise those returns for our investors.”
Lloyd Davis, partner at Gerald Eve, who acted for Nadler Hotels, added: “Convenient for both Covent Garden and via transport links to the rest of London, Walter House is an ideal location for Nadler Hotels to continue its expansion programme. Work will now begin on securing the necessary permission to enable the property’s conversion into a first-class hotel in a corner of the capital currently under-served by high quality yet affordable accommodation.”
Niall Gallagher, Senior Director in CBRE’s Capital Markets team, said: “Nestled in the heart of the West End, Walter House provides the ideal location for Nadler Hotels to add to its already-impressive London offering. Once renovated, the site will be a welcome addition to Covent Garden, providing a luxury base for visitors to London. A record 18.6 million overnight visits were made to London by overseas residents in 2015, and this acquisition reflects a hotel market brimming with confidence.”
The latest acquisition follows the recent opening of The Nadler Victoria, a 73-bedroom hotel at 10 Palace Place opposite Buckingham Palace, which opened on at the end of 2015.
Gerald Eve advised Nadler Hotels on the transaction, while Legal & General Property was represented by CBRE as sole agent.