London Square is in talks to buy the controversial Caesars Palace and Megabowl site in Streatham Hill, SW2, following years of delays to a proposed development.
London Square has exchanged contracts to buy the site at 142-170 Streatham Hill, SW2 from Redefine International on behalf of Streatham Property Holdings for around £15m.
The site has consent for 243 flats, 40,800 sq ft of shops, 2,000 sq ft of community space and 9,000 sq ft of leisure use. However, the planning permission – the fifth set of plans since 2007 – lapses in 2015.
London Square is expected to use its residential expertise to seek improvements to the consent to bring the site forward.
Local politicians have long campaigned for the site, which includes the vacant bowling alley and nightclub, to be redeveloped.
In his blog last month, local MP and Labour shadow business secretary Chuka Umunna wrote: “I’ve lost count of the number of meetings I’ve had about the Megabowl site or the number of people I’ve contacted about the issue. Now a degree of confidence has returned [to the economy], I’m hoping things will be able to advance.”
GVA is advising Redefine; London Square is unrepresented.
annabel.dixon@estatesgazette.com
