One of London’s most famous nightclubs could end up as an office block after owner Gascoyne Holdings put the Hippodrome up for sale for an estimated £45m.
The company is looking for development partners to buy the 125-year leasehold on the 0.2 ha (0.497 acre) island site, situated within the heavily protected Leicester Square conservation area. Gascoyne will retain the freehold.
Tenants of the 9,290 sq m (100,000 sq ft) listed building include: leisure operator Luminar, which recently paid £35m for the club licence: City Centre Restaurants which runs Garfunkels. The Crystal Rooms and second nightclub Voodoo Lounge also occupy space.
Local agent Trevor Shelley of Shelley Sandzer believes Westminster council may encourage office use, but warned: “It would be a great shame if we lost such a valuable landmark site. The last thing we’d want to see there is offices. If they decide to go for offices in the future, it will become a ghost town.”
Cluttons Daniel Smith, acting for Gascoyne, expects to receive proposals for a mixed-use development, to include retail, leisure, office and residential uses.
Vacant possession will be available in 2003.
EGi 09/11/99
