But owners Soho Estates has appointed commercial property adviser Colliers to find a new tenant to turn the site into a new “destination” in the famous square, best known for hosting red carpet movie premieres.
The site sits next door to the Odeon cinema – which hosts its fair share of premieres – and bosses hope to find the next M&Ms World or Lego flagship to fill the space.
Bosses are keen to work with a lead tenant to mould the new site into a bespoke building to complement whichever brand they manage to secure.
Philip Thompson from Soho Estates said: “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.
“As with our Soho developments at Greek Street and Dean Street with Soho House and Warner Bros at Illona Rose House, we are 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 has already discussed its plans with the local planning authority and believes there is an opportunity to create up to 200,000sq ft of space over multiple levels, after it received vacant possession of the site from the office occupiers above as well as the bars and restaurants on the ground floors in 2025.
Ross Kirton, head of leisure agency at Colliers, said: “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 occupier’s needs.
“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.”