Home nightclub is put on the market

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Related tags: London

Home nightclub in London's Leicester Square has been put on the market by KPMG, the receivers for owner Big Beat Group. The venue, which has eight...

Home nightclub in London's Leicester Square has been put on the market by KPMG, the receivers for owner Big Beat Group.

The venue, which has eight floors and includes two restaurants, totals approximately 45,000sqft.

It opened with a high profile celebrity party in 1999 but ran into trouble when it had its public entertainment licence revoked earlier this year by Westminster City Council after drug dealing was observed on the premises.

It has since regained the licence but the closure period was long enough to push owner Big Beat into the red and force it to go into receivership.

David Coffer, chairman of Davis Coffer Lyons which is managing the sale, said: "It is a very rare opportunity to be able to acquire a building of this calibre, location and size in Leicester Square. Over £8m was spent only two years ago and the premises are, to all intents and purposes, ready to trade.

"Coupled with the difficulties of obtaining a 3am licence for nightclub use in the central entertainment area, I anticipate disposing of this property quickly and at a worthwhile price. We are already experiencing a great deal of interest."

Related stories:

Big Beat in receivership after drugs crackdown (April 11, 2001)

Related topics: Property law, Other operators

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