British Land has sold the freehold of the Swiss Centre in London’s Leicester Square for £47m.

The 112,000sq ft building, which currently houses a cinema, restaurants and bars with office space above, has been sold to Northern Ireland-based development and construction group, McAleer & Rushe.

British Land acquired its interest in the property in phases, achieving full ownership in 1999.

McAleer & Rushe is though to be considering refurbishing or redeveloping the site.

British Land has also just announced the purchase of 65 freehold pubs fro Spirit Group for £174m. Spirit will continue to operate the properties on 30-year leases.

British Land’s investment director, Bob Bowden, said: “This acquisition increases the size of our leisure portfolio with high quality public houses at a higher average lot size than those we owned previously, and let to the leading pub operator.

“We expect to enjoy a long term relationship with Spirit and to be able to enhance the value of the assets in the longer term.”