Colliers CRE Licensed & Leisure and Investment teams have successfully sold One Leicester Square, a nine storey leisure and retail building in the heart of London's West End, comprising approximately 37,900 sq ft and producing an income of £1.7million per annum.
The property was sold for £33.7 million which represents a net initial yield of 4.8%. Previously the building had been home to the former MTV Studios and The Sound Nightclub.
Colliers CRE also acted on behalf of the purchasers to acquire neighbouring sites, buying 20 Leicester Square and 56 Whitcomb Street WC2 from Derwent London and The Hand & Racket Public House from another vendor, in order to facilitate a comprehensive redevelopment of the site.
The redevelopment, which has been submitted for planning, will feature a new 2 screen Odeon Cinema, 250 bed hotel, 3 family restaurants, 35 apartments and a rooftop restaurant.
The team are no strangers to the Leicester Square market, having previously sold the Odeon West End on the south side of the Square.
For further information please contact Toby Hall in the London West End office on 020 7487 1929.
For more information contact our press office:
Natasha Sunderland Head of PR +44 20 7344 6641
Jacqueline Whitaker Senior Press Officer +44 20 7344 6706