Allsop and Tamarin/RER have confirmed that contracts have been exchanged for the sale of London's Odeon Leicester Square site to the Edwardian Group for an undisclosed sum.

Knight Frank and CBRE have acted as agents for the sale of the site, which was subject to a successful planning application in 2008 for a mixed-use redevelopment.

Under the approved proposals, the existing buildings will be redeveloped with a two-screen cinema; a 245-bedroom hotel; a total of five restaurants; and more than 30 residential units.

Edwardian Group chief operating officer Paul Mansi said: "Leisure experiences are at the heart of the company's DNA and we are keen to create new and exciting offerings for the local market and the myriad visitors to the city.

"The acquisition, and our ambitious plans, will both create jobs in the area and put the spotlight firmly back on the revitalised Leicester Square."