ONE OF London’s most high-profile buildings, the Odeon cinema in Leicester Square, has been sold to a London hotel chain following an agreement between the National Asset Management Agency and Real Estate Resolutions, which owns part of the property.
The Nama-appointed receivers, Jon Gershinson and Simon Davidson of Allsop and Tamarin/RER, confirmed yesterday that contracts for the sale of the prestigious property have been exchanged with the Edwardian Group, though both sides were silent on the price paid.
Estimated by some quarters to be a £100 million deal, it is likely to have proven highly lucrative for Real Estate Resolutions, a property company run by former Ballymore Properties executive Tim Farrow, but owned by Irish investor Frank Woods, London property figures have said previously.
Nama could not sell its share of the property, and adjacent land that borders Panton Street and Whitcomb Street, without the agreement of Real Estate Resolutions, since the latter owns all, or nearly all, of the street frontage.
Commenting on the deal, Mr Farrow said Tamarin/RER had “enjoyed a very successful relationship” with Nama and the Nama-appointed receiver, during which they had “resolved many issues”.
Mr Gershinson, the receiver, said the complexities surrounding the ownership of the title “have necessitated a considerable amount of co-ordination from the receivers and adjoining owners”, adding he is unaware of a similar sale having taken place elsewhere.
The new owners, the Radisson Edwardian, is one of the UK’s largest privately owned hotel groups, including the May Fair, Radisson Edwardian Heathrow, the Leicester Square and the Hampshire in Leicester Square and the Bloomsbury Street Hotel and the Kenilworth in Bloomsbury.
The lands controlled by Nama were first bought by a consortium of Irish entrepreneurs – former Ireland rugby manager Pat Whelan, Pat Chesser and Paul Hanby – known in London property circles as “the 3Ps” – using loans provided by Anglo Irish Bank.
However, the Odeon deal ended up in the High Court in 2009 in Ireland after Mr Woods sued Mr Whelan and Mr Chesser, who were both directors of the Limerick-based Callerview Properties.
