Home of iconic poker room
The Grosvenor Victoria Casino in London’s West End, familiarly known as the Vic, is up for sale for a reported £70 million (US$85.4 million).
In 2014, Aprirose Investors bought the 71,138-square-foot property for £55.5 million. It has hired Knight Frank and Savills to manage the sale.
The Vic gained renown as home of the Grosvenor United Kingdom Poker Tour, European Poker Tour, World Series of Poker Europe and the recent Unibet Open London festival. Its poker room seats 250 players at 35 tables and hosts both high-stakes cash games and major tournaments, reports CalvinAyre.com.
According to Savills.com, the Grosvenor casino is the Rank Group’s flagship operation in a portfolio of 55 locations throughout the UK. The Rank Group, which pays around £2.8 million a year to rent the property, holds the lease until 2026 with a right to renew and is expected to remain under the new owners.
“The Grosvenor Victoria Casino is a London West End institution, which we believe will make an attractive investment for potential buyers,” said Manish Gudka, CEO at Aprirose. “We have appointed our advisers to dispose of the asset as we look to exit in line with our investment strategy at the time of purchase.”
Jonathan O’Regan of Savills added, “The marketing of this asset presents an outstanding opportunity as London casinos are rarely offered to the open market. The casino sector is performing well in London and Grosvenor Casinos, the UK’s biggest brand, is an excellent covenant for this asset.”
The property hosts between 1,200 and 1,400 customers per day.
