Consolidated Developments sells 5-9 Great Newport Street to Melford Capital

Chalking up another great deal, now completed, we’re delighted to have advised Consolidated Group on the sale of 5-9 Great Newport Street, in between Leicester Square and Covent Garden, to Melford Capital for around £40m.

Acting alongside Savills’ Joshua O’Rourke, Robert Stapleton and Emma O’Driscoll, Hanover Green’s Simon Hall and Neil Proctor worked with Consolidated Development’s Laurence Kirschel and Richard Metcalfe to secure the deal, which reflects a capital value of £894/sq ft.

5-9 Great Newport Street comprises 44,724 sq ft of mixed-use space, with an existing planning consent in place to convert it to a 90,000 sq ft scheme, including a 66-bedroom hotel and a theatre and restaurant complex. The consented plans also incorporate retail space behind a retained façade and the refurbishment of a narrow, listed building which would serve as the hotel entrance.

Congratulations to Melford Capital and we look forward to seeing the new scheme come to fruition!

To find out about further investment and development opportunities across central London, get in touch with the Hanover Green investment team – Simon Hall, Jonathan Webb, Simon Beckett, Guy Harris and Richard Alsop.