blonde poker forum

Offers in the region of £70 million are being sought by Aprirose Investors for the iconic Grosvenor Victoria Casino on Edgware Road, London.

https://uk.pokernews.com/news/2017/03/iconic-grosvenor-victoria-casino-up-for-sale-26720.htm

Panic over.  Noticed that Grosvenor are going to be there for another 10 years.  Love the Vic

i got a reply?

popping champagne corks here.

i wonder (out loud) if the asking price is £70m ish what the yield is for the property?

stable tenant, reliable steady business, great footfall, great location

I didn't spot it until now.  Guess it is sold on the rental yield.   No idea how prime a casino is, but guessing rent must be £3m give or take a million.  No idea how much it would be worth redeveloped as housing.  Long since stopped trying to understand how much people will pay for a small box in central London.

Edit.  Just looked it up, you get a block of flats with 48 units included in the price too.   Just need to raise another £70m...

maybe get a staking thread going, see if we can raise the £70m to buy it for blonde!!

Rental yield was £2.8m back in 2014.   That will include the housing too.

Used to love going to the Vic when I was in Brentford.

Sportsman on a Monday for a bit of dinner and the £250.

Palm Beach on Tues or Thurs for the £100rb.

Good old days ;S

4-5% in London?

Something like that probably be 6-8% up north at a guess?

£3.2m rent now

Looks like Grovesner pay the vast majority of this as the residential leased out on a 100 year lease at £4k per annum!

£3.2 million is a lot of rake!

so 4.29% yield.

More info here.

http://www.knightfrank.co.uk/properties/commercial/for-sale/the-grosvenor-victoria-casino-150-162-edgware-road-london-w2-2dt/cpd220750

Maybe Rob Yong should buy? Not renew the lease in 10 years

Years ago  (1977-81), I worked for Playboy when they owned casinos in London.

I remember them buying what was then called The Victoria Sporting Club for £6m. What a bargain that looks now. Although I don't recall if that was just for the trading business or whether it included any property assets. I assume it was just the business.

It was a big risk at the time as the Vic's licence was under threat and they did lose it ( for pre Playboy misdemeanours).

Playboy subsequently regained the licence after an appeal. I'll always remember the telex the UK CEO Victor Lownes sent to Hugh Hefner on winning the appeal. I may have the words in the wrong order, but it was something like;

"Victoria victorious. Vision vindicated. Value verified. Verily, Victor."

What a very interesting man. Must have been an experience to work for him & within that organisation.

https://en.wikipedia.org/wiki/Victor_Lownes

Yes, I look back on my time there with very fond memories.

To be honest, I was quite young (18-22 whilst there) and a bit away from the action as I was a trainee accountant in a back office accounts dept.

It was a fun environment though and very much a work hard, play hard culture. I learnt  a lot of good things there that have stood me in good stead ever since.  Victor was loved within the business and inspired tremendous loyalty.

There were some good staff parties, and I was lucky enough to attend one at Stocks House (Victors home). We also got a free copy of the magazine each month.
At one point, I used to do the accounts for the Clermont Club in Berkeley Square and visited once a month for the stocktake and a very good lunch in the restaurant!

When I was promoted to looking after the accounts for the flagship Playboy Club on Park Lane, I soon found that I had one of the plum jobs each month (the physical stocktake at the club). Somebody cleverer than me (a predecessor) had designed the timetable so that we started early morning in the stores, then moved to the kitchen before the days cooking got started, then to the bars before they opened,and finally to the bunny room (to count tails and costumes etc), just as the girls were arriving to get changed!

Happy days.

What a great job mate
What do you do now ?

Hi Tony.  In the second job I had after Playboy, I joined a recruitment company as Financial Controller. From there I progressed to Finance Director and eventually MD. Once that business was sold, I set up my own recruitment business, recruiting accountants and FD's. I sold that business a few years later and now, with 2 ex colleagues as partners, I have a specialist / niche recruitment business that ( in a coals to Newcastle fashion), recruits all back office and support staff for other recruitment businesses. I'm now slowly backing myself out of the business, with the intention that my partners can run it in my absence.