‘Mr West-End’ takes over Haymarket House in £400m hotel plot
A property tycoon nicknamed ‘Mr West-End’ has bought Haymarket House in Soho, with plans to convert the upper floors into a £400m hotel.
Billionaire entrepreneur Asif Aziz, has paid around £135m through his investment business Criterion Capital for the popular Piccadilly Circus building.
The landmark ‘Happy’ restaurant and comedy club which occupy the ground floor of the property will remain in tact as part of the deal.
Haymarket House is also home to central London nightclub Tiger Tiger, a popular haunt amongst students.
However, Aziz is plotting a conversion of the office space upstairs into an affordable London hotel as he looks to capitalise on the rising demand for travel space in the capital.
Speaking to City A.M. he said: “The office market is polarised. People want new buildings that are best in class. Most of the buildings in central London and the City that are vacant can never be best in class.
“So an alternative use has to be found in this case, [a] hotel because Haymarket House is in an area with the highest tourist footfall in Europe.”
He added: “It’s really the combination of perfect location coupled with a building that basically has come to its end of its use as an office and isn’t particularly well suited to an office.”
In October, Best Star Real Estate, in partnership with Marathon Asset Management, agreed terms to buy the 127,887 sq ft block for north of £140m but did not secure funding for the deal.
“Aziz re-entered the London market earlier this year at a time of subdued pricing, appealing to funds and institutions looking for liquidity at a price that removes execution risk,” the firm said.
Criterion Capital is thought to be looking for further investment opportunities.
Aziz’s latest acquisition joins a slew of recent deals completed by the businessman.
Earlier this year, Criterion Capital bought the Globe House, the London hub of His Majesty’s Passport Office, for just under £40m, and also made a £13m swoop for Charles House, a cinema and office development in Soho from Soho Estates.
Aziz also made headlines in the summer for his plans to transform the popular London entertainment venue Trocadero into a three story Islamic mosque and community centre.
Aziz is funding the mosque through his charity the Aziz Foundation.