Soho Estates has appointed real estate company Colliers to find a high-profile leisure occupier for a £100m redevelopment of London‘s Leicester Square.
Colliers is on the hunt for an entertainment brand to reinvent a corner of Leicester Square, with 200,000 square feet of new development over multiple levels offered by Soho Estates.
Colliers is looking to secure a pre-let with a globally-renowned leisure brand that will co-design the £100m development adjacent to the Odeon Cinema.
According to a release, more than 100,000 people visit Leicester Square daily via the London Underground, while 2.5 million visitors head to Leicester Square every week.
London’s post-COVID redevelopment
“As a long-term investor in the West End, we are committed to leaving our legacy in Leicester Square by attracting a quality brand which will have broad appeal to the area’s visitors,” said Philip Thompson from Soho Estates.
Thompson said the company is “looking to secure a long-term partnership with a global brand and build a bespoke new property to suit their needs, which we hope will become synonymous with the area”.
Soho Estates receives vacant possession of the site from the office occupiers above, as well as Zoo Bar, Burger King, Pizza Hut and Chiquito, in 2025. The company has already talked about plans with the local planning authority.
“We’re looking specifically for a leisure anchor tenant for the site, but there are likely to be several opportunities within the wider development as the plans evolve,” said Ross Kirton, head of leisure agency at Colliers.
£100m development next to Odeon Cinema
He added: “Leicester Square is known globally and this is a once in a lifetime opportunity to secure such a prime location and partner with a landlord that wants to create a development that is bespoke to an occupiers’ needs.”
MVRDV’s artificial mound, the Marble Arch Hill, is also rising in London adjacent to Hyde Park ahead of the visitor attraction‘s opening on July 26.
The mound is part of Westminster City Council’s ambitious plans to reinvent Oxford Street. It was created in order to encourage shoppers to return to the area as retail recovers from COVID-19.
Image: Colliers
