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Former Savoy Hotel Laundry Site Sells for £11.3m

One of the leading names in the UK and Ireland property consultancy sector, Lambert Smith Hampton (LSH), has completed the sale of a mixed-use building in Clapham with historical relevance.

The 34,885 sq ft mixed-use premises on Clapham Road, SW9 was owned by Optivo and was historically used as the laundry site for the famous Savoy Hotel.

Today, the large scale building consists of several offices, a retail unit, 112 residential flats and an underground basement car park.

Commenting on the sale project, Jon Rea-Palmer, Associate Director at LSH, commented: “This was an exciting project to work on with several different potential purchase angles to consider. Working closely with clients, Optivo, we identified several purchasers who would be interested in repositioning the vacant offices with asset management and development potential. We subsequently concluded the sale to Lipman Properties at an excellent price given this year’s unimaginable market conditions. This is an exceptional result which we are extremely proud to have assisted Optivo with.”

Despite the tough market conditions of 2020, the sale for the Clapham Road property was made at less than a 10% reduction of the quoting price set prior to the outbreak of COVID-19 in March.

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