UK: The site is being marketed on a dual basis of hotel or residential development by Colliers at a guide price of £12 million for the freehold.
The 0.2 hectare site has been unoccupied for around five years, comprising a number of derelict buildings and the former Tooting Constitutional Club, as well as outdoor areas including a storage yard and disused bowling green.
London Hotel Group (LHG) has instructed Colliers to market the site.
Planning permission has been granted by the London Borough of Wandsworth for the construction of a 373-bedroom hotel, extending the building from three to six storeys in height along with four additional storeys of basement accommodation with an atrium lightwell.
“The proposed high-quality hotel will set a precedent for the wider regeneration of Tooting High Street,” said Colin Hall, head of London hotels agency at Colliers. “It has been designed in a contemporary style that is sympathetic to its surroundings, and will be constructed in red and grey brickwork to reflect the character of the area with graduated heights to provide a transition from neighbouring three storey properties.”
William Agnew, associate director in the residential development team at Colliers, added that the site also has potential for development as a co-living rental product. “The site has a lapsed planning consent granted in 2016 for a 45-unit residential development. Furthermore, in the last three years Wandsworth has become one of the most welcoming London Boroughs for co-living developments, having granted consent on over 500 beds already. The existing planning consent for a 373 bed hotel scheme presents a strong precedent for a similarly sized conversion of the consent into design-led co-living accommodation.”
The site is located close to Tooting Broadway underground station and Tooting Railway Station.