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London casino in Kensington comes to market

Palacegate Casino in Kensington, London, has been brought to market via Savills, on behalf of Philip Stephenson, Oliver Haunch and Jon Roden, Joint Administrators of Coastbright Ltd.

The site benefits from a highly desirable casino premises licence, one of only four in the Royal Borough of Kensington & Chelsea.

Genting UK sold the site (the tallest building pictured centre), then known as Maxims Club Casino, for £34.6m in March 2019.

Offers are invited to acquire either the freehold property and premises licence (either individually or together), or to the take the proprietary trading company, Coastbright, out of administration, which includes the rare freehold interest in the property, the highly sought after gambling premises licence and the casino business.

Palacegate Casino is an exceptional Grade II*-listed freehold property in prime Central London, overlooking Hyde Park and Kensington Gardens. It was originally built as a prominent Victorian townhouse for John Forster, a friend and biographer of Charles Dickens, in the 1860s.

The 13,357 sq ft (1,241 sq m) venie now comprises an award-winning restaurant, whisky bar and four separate gaming rooms. Benefitting from Sui Generis planning use the property would also be suitable for a number of alternative uses, subject to securing the necessary planning consent.

In addition to a change of use, there are alternative future asset management opportunities available at Palacegate Casino including: refurbishment and rebranding, licence extension or transfer and partnership with complimentary luxury brands and service providers.

It is located in the affluent area of Kensington, and provides easy access to Kensington Palace, Hyde Park and the Serpentine.

Paul Breen, Director in Licensed Leisure team at Savills, said, “Opportunities to acquire a casino business which has such a strong trading history at the same time as purchasing an iconic piece of prime Central London real estate are incredibly rare.

'With a variety of different asset management angles to explore we anticipate a broad range of interest from UK based operators and investors as well as those based overseas.”