The Yianis Group has agreed a new casino at its multi-million-pound redevelopment of The Palace hotel in Southend-on-Sea.
It has signed a 20-year lease with Grosvenor Casinos for a 27,000 sq ft casino across ground and lower ground floors.
The Palace, one of the last great Edwardian hotels to be built in the UK, has undergone a £25m refurbishment since it was acquired by the Yianis Group in 2000. It has already delivered a 137-bedroom hotel – let to Park Inn – and 16 luxury flats.
Alex Hyams of Yianis, which was advised by Dedman Gray, said: “We knew the Palace had huge potential and we are delighted our vision is being realised. Grosvenor Casinos, part of the Rank Group, is anchoring the retail and leisure element of the scheme and we expect the casino to open later this year.
“The remaining available space offers fantastic opportunities for restaurants, bars and retailers to occupy a landmark building on the seafront, in a town which is clearly benefiting from its strong connections to London and the recent improvements made to the airport.”
Cedar Dean Gilmarc has been appointed as joint letting agents with Dedman Gray, to market the remaining 25,000 sq ft of retail and leisure space.
annabel.dixon@estatesgazette.com
