IF location is everything in property terms, then the Rialto site in central London, which came on the market last week, must be a developer's dream.

The 45,000sq ft site is adjacent to Planet Hollywood and is opposite the Prince of Wales theatre. And the new TGI Friday's, opposite Planet Hollywood, is said to be the highest grossing TGI business with weekly turnover in excess of £150,000.

The Rialto site fronts Rupert and Coventry Streets and is being offered freehold with full vacant possession. The site comprises three separate buildings including the Rialto cinema (pictured), a Grade II-listed building which has been empty since 1982.

Beneath the cinema is the former Café de Paris, a 1930s society nightclub which was bombed during the war.

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