Savills has confirmed it is on the hunt for a buyer for the hotel and retail portfolio.
The portfolio comprises a 225-bedroom hotel, the Burberry store on Bond Street and Washington House – a self-contained building occupied by the private members Conduit Club.
The Cola Family, which has owned the hotel for over 20 years, recently received planning permission to redevelop the existing hotel building, which will include an extension to the rear, the re-build of the sixth and seventh floors and a new eighth floor.
The portfolio is expected to achieve in excess of £1bn.
“It is extremely rare for a mixed use freehold opportunity like this to come to market with exceptional hotel development potential and existing ultra- prime retail. We expect investors from all over the globe to be very competitive in their attempts to secure this fantastic trophy in London,” said Anthony Selwyn, Co-Head Global Retail at Savills.
Robert Stapleton, Director, Savills EMEA Hotels, added: “The sale of The Westbury presents a once in a generation opportunity to acquire one of London’s most sought-after hotels and, with the benefit of the planning consents we’ve secured, the hotel can be substantially remodelled and extended to create one of London’s finest hotels befitting it’s extraordinary prime Mayfair location.”