FOR SALE

Oak Hill, Woodford Green IG8 9NY

Offers in excess of £10,000,000

Description

The property comprises a purpose-built hotel extending to circa 50,000 sq.ft. constructed in approximately 1972. The hotel incorporates 99 guest bedrooms in addition to a restaurant, bar and 4 conference / event rooms. All guest bedrooms are located on the second and third floors, while the first floor accommodates the conference / events space.

The hotel is comprised of various buildings arranged in an L-shape varying between 2 and 4 storeys in height. There are two principal wings; the East Wing which was constructed in the 1970’s and the West Wing extension in the 1980’s.

The hotel provides approximately 70 car parking spaces, located to the east of the East Wing and to the rear of the property, accessed via an undercroft which passes under the East Wing of the building. In 2014 the property underwent a program of refurbishment and upgrading following the re-branding to Best Western Plus.

Location

The property is located on Oak Hill in Woodford Green, an affluent suburb of north-east London. The Local Authority is the London Borough of Waltham Forest.

The property is situated on the southern boundary of Epping Forest, which borders northeast London and Essex. Woodford Green is located to the east, Chingford to the north and Walthamstow to the south-west.

South Woodford Underground Station is located circa 1 mile from the property which offers direct services into Central London (Oxford Circus) in under 30 minutes. The nearest mainline station is Highams Park which is circa 2 miles to the north-west of the site, providing direct services into London Liverpool Street within 25 minutes.

Existing Use

The hotel is operated by Starboard Hotels, by way of a management agreement with the freeholder which stipulates a fixed rent along with a profit share. Starboard Hotels have a franchise agreement with Best Western.

Best Western GB is part of Best Western International, based in America, who founded the brand in 1946. In the 1960s, the brand was launched overseas and is now represented in over 80 countries with over 4,000 hotels worldwide, all independently owned and managed.

Best Western branded hotels worldwide won four times more TripAdvisor Certificate of Excellence awards than industry average. Best Western Plus sits between Best Western and Best Western Premier. Best Western is a midscale hotel that offers guests great value, free high-speed internet and breakfast.

They are rated two- or three-diamond from AAA/CAA. Best Western Plus is an uppermidscale property that offers a more premium experience, featuring updated contemporary furnishings in comfortable and spacious rooms and common areas. They offer all of the amenities of Best Western hotels, along with high-quality bedding, upgraded bath amenities and select sundry items. Best Western Plus hotels are AAA/CAA three-diamond rated. Best Western Premier is an upscale property offering greater luxury.

Further trading information of a commercially sensitive nature can be provided to prospective purchasers upon request.

Planning & Development Potential

The property is located at the ‘urban fringe’ within Epping Forest and the authority boundary of the London Borough of Waltham Forest.

The Site does not fall within a land use designation, but it is surrounded Metropolitan Green Belt; a Site of Metropolitan Importance to Nature Conservation; Sites of Special Scientific Interest (SSSI); and 2 Special Areas of Conservation (SAC).

The property offers potential for either conversion and extension or comprehensive redevelopment to residential use.

In 2005 an outline application was submitted for redevelopment of the site to residential; whilst the application was withdrawn, the accompanying officer report considered the principle of residential development acceptable.

More recently in 2017, a formal pre-application meeting was held with the local authority to discuss a scheme comprising 110 residential units within a new build development, which we understand was supported. As the site comprises previously developed land it provides an opportunity for residential use which could help to meet housing targets of both London and Waltham Forest.

A further pre-application submission was made in 2018 for the extension and conversion of the existing building which was positively received.

The property may be suitable for other uses such as care home / retirement home subject to obtaining the necessary consents.

Tenure

The property will be sold as freehold.

VAT

The property is elected for VAT, however we understand that the transaction can be treated as a TOGC.

Terms

Offers are invited in excess of £10,000,000.

Viewings

Viewings will strictly be by appointment only by contacting the selling agents.

Additional Information

Further information including legal documents are available within our dataroom using the access code ‘Oakhill’.


Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.


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  • A 99-bedroom hotel and conference centre extending to approximately 50,000 sq.ft. occupying a site of circa 1.7 acres
  • Currently operated by Starboard Hotels under a Best Western franchise, by way of a management agreement with the freeholder
  • Potential for a variety of alternative uses such as residential or care home, as well as continued hotel use
  • Located within the affluent north-east London suburb of Woodford Green
  • Offers invited in excess of £10,000,000 for the freehold interest

To discuss this opportunity further, please contact Keir Goldstein or Ross Kemp on 020 7183 2529

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