The Yianis Group has signed a 20 year lease with Grosvenor Casinos for a 27,000 sq ft casino at its multi-million pound redevelopment of The Palace Hotel in Southend-on-Sea.
Alex Hyams of Yianis, who were advised by Dedman Gray, comments, “We knew the Palace had huge potential and we are delighted our vision is being realised. Grosvenor Casinos, part of the Rank Group, is anchoring the retail and leisure element of the scheme and we expect the casino to open later this year.
Fantastic opportunities for restaurants, bars
“The remaining available space offers fantastic opportunities for restaurants, bars and retailers to occupy a landmark building on the seafront, in a town which is clearly benefitting from its strong connections to London and the recent improvements made to the airport.”
The Palace, one of the last great Edwardian hotels to be built in the UK, has undergone a £25 million refurbishment since it was acquired by the Yianis Group in 2000 and has already delivered a 137 bedroom hotel – let to Park Inn – and 16 luxury apartments.
The casino will operate over ground and lower ground floors across a total 27,000 sq ft. Cedar Dean Gilmarc has been appointed as joint letting agents with Southend local agents Dedman Gray, to market the remaining 25,000 sq ft of retail and leisure space, which incorporates kiosk units of 500 sq ft through to larger units of 7,000 sq ft.