Soho Estates will next month submit an application for a commercial development in Walkers Court. Besides serving as the new headquarters of the investment and development company, the building will house a restaurant and a 150 seat cabaret theatre. It will also feature a glowing sign paying tribute to founder Paul Raymond on the spot where the ‘King of Soho’ launched the £320 million property empire over fifty years ago.
The move comes at a time when Raymond, who died in 2008 aged 82, is becoming known to a new generation thanks to The Look of Love, the Michael Winterbottom film starring Steve Coogan and Anna Friel that hit cinema screens earlier this year.
More than any other single figure, Raymond was responsible for earning Soho the reputation it enjoyed for many years as the hub of London’s adult entertainment industry. He opened the Raymond Revuebar as a private members club in 1958 before moving into publishing in the 1960s.
In 1974 he acquired the Windmill Theatre which he turned into a venue for saucy shows featuring, among others, Fiona Richmond and John Inman. He followed this with the acquisition of the Whitehall Theatre and the Royalty Theatre.
By this time Raymond had a substantial portfolio – based on the maxim that he would only buy a property he could walk to – and he regularly appeared on UK rich lists. At the time of his death his personal wealth was estimated to be in the region of £650 million, though associates believed the figure was much higher.
Today the company is run by Raymond’s son-in-law, John James, who says he has no intention of sanitising Soho though he wants it to be ‘edgy not sleazy.’ The makeover of Walkers Court is just the beginning according to James. He says that plans to redevelop a one-acre site formerly occupied by Foyles bookshop are also progressing.
“We want to keep Soho’s soul. We have always favoured new enterprise business over high street covenants.
“This is how Soho has developed over the years, and we intend to carry on with this policy,” he said.
Last year Soho Estates, which is held in trust for Raymond’s granddaughters Fawn and India Rose, reported pre-tax profits of nearly £17 million.
