Jon Gershinson and Simon Davidson of Allsop LLP as NAMA appointed Receivers and Tamarin / RER confirmed today that contracts for the sale of the West End Odeon site have exchanged with the Edwardian Group Ltd
Planning Permission was granted in October 2008 for the demolition of existing buildings and redevelopment of the Site to provide a two screen cinema (Class D2), a 245 bedroom hotel (Class C1), 33 residential units (Class C3), 4 restaurants at ground floor and 1 at ninth floor level (Class A3) . Total of 215,000 sft.
Jon Gershinson, Allsop Receiver, commented “This has been a distinctive, high profile sale as sites like this rarely come to the market. The circumstances have necessitated a considerable amount of coordination from the Receivers and adjoining owners and I am unaware of a Receiver previously selling such an important site in conjunction with an adjoining owner”.
Tim Farrow of RER Ltd commented, “Tamarin / RER, advised by Alan Selby & Partners LLP, have been involved with this property for some years. We have enjoyed a very successful relationship with Jon Gershinson, the Receiver, and NAMA in managing the asset, leading to a very successful sale to Edwardian Group Ltd. In that process we have resolved many issues including implementing the Make Scheme. We are very pleased with the sale to Edwardian Group Ltd and wish them every success with their plans.
Paul Mansi, Chief Operating Officer of Edwardian Group said: “Edwardian is delighted to have the opportunity to be involved in the further development of this landmark square in London. Leisure experiences are at the heart of the company’s DNA and we are keen to create new and exciting offerings for the local market and the myriad visitors to the City. The acquisition, and our ambitious plans, will both create jobs in the area and put the spotlight firmly back on the re-vitalised Leicester Square. Details of our plans will be unveiled in the coming weeks.”
Agents for the sale were Knight Frank and CBRE.
All parties declined to comment on the price at this stage.
Notes to editor
Allsop is a UK based property consultancy with a market leading receivership team.
About Radisson Edwardian
Radisson Edwardian is one of the UK’s largest privately owned hotel groups. Included in the group are 14 hotels in London; The May Fair; Radisson Edwardian Heathrow, The Leicester Square & The Hampshire (Leicester Square), Bloomsbury Street Hotel & The Kenilworth (Bloomsbury), The Berkshire & The Sussex (Oxford Street), The Mercer Street (Covent Garden), The Grafton (Tottenham Court Road), The Vanderbilt (Kensington).
The Radisson Edwardian Free Trade Hall, Manchester was bought in October and the New Providence Wharf hotel in November.
The Radisson Edwardian Guildford opened in October as a managed hotel.
For information on any of the hotels visit the web site www.radissonblu-edwardian.com
020 7543 6728