Central Londons most popular and run down venue The Astoria has been sold by the freeholder from Compco Holdings to Derwent Valley a west end property company for 23.75 million squid.

The Charing Cross Venue attracts all the top pop and rock acts to it's G-A-Y nights weekly, and books the creme de la creme in Rock and Indie day in day. The venue is also an utter dump, with sewage that rises up through the toilets and an open drain behind some of the bars.

Derwent Valley also owns the adjacent properties and is said to be considering a redevelopment or refurbishment of the area. Although recently the venue has also been under threat of a compulsory purchase order from the London Cross Rail.

It is unclear whether the current leaseholders the Mean Fiddler Music Group will continue to manage the venue.

If they do redevelop it, £20 says they Apollo it, rather than Koko it