The Trocadero in Piccadilly, central London is currently home to a mix of tacky shops, cafes and amusement centres. The proposed revamp will transform the Trocadero into an up-market retail, hotel and leisure complex.
London Trocadero Limited - set up by Trocadero owner Golfrate to manage the overhaul - is now contractually bound to complete the redevelopment finally getting the scheme underway.
Golfrate Holdings bought the building in May 2005 for £225 million.
Proposals include construction of a 600 bedroom hotel on the upper floors with the lower floors made up of shops and leisure facilities. Work will be carried out over three phases. The first phase is due for completion by 2011.
Contractors are expected to be approached in autumn 2006. Mace is the project manager.