Offices reconsented as a hotel and sold at £23m after twenty-four months.

Transaction facts

ServiceDevelopment
LocationCovent Garden, WC2
Change of useOffices to hotel
Sale£23m after twenty-four months

The brief

A modernised Victorian office building on Kingsway, three minutes from Covent Garden market and two from Holborn. Well located, well connected, and worth more as something other than what it was.

What we did

We took the view that the building’s best use was hospitality, not offices, and spent £650,000 establishing it — the largest planning spend of any scheme here, and the one with the clearest return. Kingsway carries the footfall and the transport links a hotel needs, and the floor plates suited the layout.

The result

Sold at £23m twenty-four months after purchase, without a brick being laid. The whole of the value came from changing what the building was allowed to be. This is the part of development most people underestimate: the planning argument is the product.