Z Hotels puts Leicester Square site on the market for £42m

Z Hotels has listed its Leicester Square hotel at Garrick House, 3-5 Charing Cross Road, WC2. It is structured as a sale-and-leaseback deal, with offers invited at a guide price of £42m for the freehold interest. The deal includes a 35-year leaseback to Z Hotels.  The hotel comprises 95 rooms across four floors and a basement restaurant. The proposed hotel lease is structured around a five-yearly reviewed rent, indexed to CPI, and a separate ground-floor restaurant lease to Steak & Co.                   Z Hotels acquired the property from Kent County Council in 2023 for £19.7m and converted the former office into a hotel. The hotel will be fully operational by June 2025. Z Hotels has appointed Avison Young and JLL to market the sale of the hotel. Image from Z Hotels