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London Trocadero sold to Golfrate Group for £220m
Commercial investment company the Golfrate Group has bought the freehold interest in the London Trocadero Centre and the London Pavilion on Piccadilly Circus from the Burford property group – which is owned by Lehman Brothers – for £220m.
The combined floor area of the Trocadero and Pavilion is approximately 600,000sq ft (55,700sq m) and covers a sub basement, basement, ground floor and a total of nine upper floors.
Principal tenants in the property include HMV, The Rainforest Café, a UGC cinema and the Golden Nugget Casino.
To acquire the site, Golfrate beat off competition from a number of companies, including bids headed by Robert Tchenguiz and Nicola Horlick.
Plans for the site include developing the vacant upper floors into a hotel and extending the existing casino. It is understood that event company Number One Venture’s plans to turn the London Pavilion into a £5m events venue remain unaffected by the sale.
Golfrate’s London portfolio was valued at around £1bn before its latest acquisition and includes blocks in Park Lane and the Strand, parts of Tooting and the Scotch House block in Knightsbridge.
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