The London Astoria, the well-known entertainment venue on Charing Cross Road, has been sold by Compco Holdings to Derwent Valley Central for £23.75m plus costs.

Derwent Valley Central is a subsidiary of Derwent Valley Holdings, the West End property developer, which also owns property adjacent to the Astoria.

John Burns, managing director at Derwent Valley, said: “The Astoria is a valuable addition and a strategic acquisition, which joins our existing holdings in the area and will form a potential development site for the future.”

A spokesperson for Derwent Valley said there were no plans as yet to what the development might entail.

The Astoria – which is home to the G-A-Y nightclub and has held concerts by the Rolling Stones, Oasis and Pearl Jam – has a capacity of 2,000 and a gross internal area of 42,350sq ft (3,900sq m). Details: www.derwentvalley.co.uk