Rishi Sachdev’s Shiva Hotels business has emerged as the frontrunner to buy the car park at 74-77 Welbeck Street, W1, for more than £100m.
A deal would unlock a £600m development at LaSalle Investment Management’s asset.
The site is expected to accommodate a 200,000 sq ft development, including offices and a hotel, subject to planning.
The NCP-operated car park was prepped for sale through JLL in August last year with a £75m price tag and is the latest in a series of core West End car parks to be put on the market.
Soaring values in W1 for both offices and residential have driven car park owners to cash in on their assets opportunities for conversion to alternative uses.
Ground-floor tenants include restaurant MeatLiquor and lap-dancing club SophistiCats.
JLL acted for LIM; Shiva was unrepresented.
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