Sale of Shepherds Bush Walkabout
October 18, 2013
Intertain has – through DCL – sold the 12,700 sq ft Walkabout on Shepherds Bush Green to Dorsett Hospitality International for an undisclosed sum.
Formerly the Shepherds Bush Palladium, the building was built in 1910 and operated as a cinema until the 1980s when – after a short period lying empty – it was converted to a pub. The 1,150 capacity freehold premises was until recently home to the popular Walkabout Australian themed bar.
The new owner, who is developing the adjoining 322 bedroom Dorsett Regency Hotel, has yet to confirm its plans for the property.
Paul Tallentyre, Director at Davis Coffer Lyons, said: Westfield London has completely transformed the market in this part of London and it is no surprise that this opportunity was snapped up. The buildings substantial size and excellent location gives the new owners a wide range of potential options for the future, whether it be continuing as a bar; developing into a hotel or residential; or a mixture of different uses. It will be interesting to see what they decide in due course.
Intertain is owned by Barclays Ventures and a consortium of TPG Opportunities Partners and Goldman Sachs. It plans to reinvest the proceeds of the sale to continue its extensive refurbishment programme, which began in 2010 and has already seen twelve of its venues undergo a complete overhaul. Plans are in place to complete further refurbishments over the next two to three years.