For more than 70 years the corner of Goodge Street was synonymous with one name: Spaghetti House. Now the building the Italian chain called home is on the market, and it is the kind of restaurant property for sale in London that investors and operators rarely get a look at.
The five-storey block at 15-17 Goodge Street, Fitzrovia, is being offered for sale at offers in excess of £4 million through property consultancy Allsop, with full vacant possession.
That vacancy is the point. Rather than a tenanted investment priced off an income stream, this is a blank canvas in one of central London’s most popular dining destinations, aimed squarely at owner-occupiers who want a flagship venue without a landlord.
What £4 million buys on Goodge Street
According to Allsop, the property extends to 6,032 sq ft gross internal area across a lower ground floor, ground floor and four upper floors, with lift access throughout. The building is currently stripped out and unoccupied, and sits within Class E commercial use.
Crucially for hospitality buyers, the licences are already in place. The building carries a late-night licence permitting trading until midnight, plus an outside seating licence covering 20 covers across ten tables.
Anyone who has fought a licensing battle in a central London borough will understand the value of that. As Matthew Dodds, senior surveyor in Allsop’s West End investment team, put it: “It already has the necessary, and hard-won licences, while the building’s space and layout supports ample table covers.”
Dodds described the building as “superbly located” in “the heart of the West End village of Fitzrovia, a short walk from Tottenham Court Road, Goodge Street and Warren Street Stations”, and “ideal for an owner-occupier restauranteur, or similar hospitality focused business”.
Consented upside on the upper floors
The asset is not just a restaurant play. Planning consent was granted in 2024 to retain restaurant use on the ground and lower ground levels while converting the four upper floors to office accommodation, with end-of-trip facilities for office workers, a new lift core and a new fifth-floor roof terrace.
That mixed-use consent matters in a market where central London office space commands a premium. Fitzrovia sits on the doorstep of the districts where London office rents have hit record levels, giving a future owner a route to blended restaurant and office income from a single building.
“Similar opportunities in this location very rarely come to market,” Dodds said.
The sale also lands amid growing appetite for individual hospitality assets. As we reported, UK hotel investment has shifted towards single assets, and trophy hospitality buildings from Cardiff’s £5 million Hotel Indigo downwards have been drawing strong interest when they surface.
A West End dining market with wind in its sails
The timing is not accidental. According to Savills research on retail and leisure occupational trends for 2026, food and beverage operators were among the defining growth stories of 2025, with more expansion expected this year despite elevated fit-out costs.
Savills’ latest central London retail analysis also points to rising footfall and a return to growth in West End spending in 2026, which strengthens the case for securing a prominent corner pitch now.
One further detail will catch the eye of buyers running the numbers: the property is not VAT elected, simplifying the acquisition for many purchasers.
What this means for investors
For hospitality operators, this is a chance to swap rent reviews for ownership of a fully licensed, prominently sited West End venue. For developers and investors, the 2024 consent offers a clear value-add route: restaurant below, offices and a roof terrace above.
Vacant, licensed corner buildings in Fitzrovia do not appear often. When this one is gone, the next comparable opportunity could be years away.
