The popular yet ageing Astoria, home of London's G-A-Y, has been sold for nearly £24 million to Derwent Valley a specialist Central London property investment and development outfit.

It has been rumoured that the developer plans to turn the concert/club venue into shops and flats.

Jeremy Josph's G-A-Y has hosted major pop gigs including Madonna, Kylie, Girls Aloud, and Sugar Babes.

G-A-Y is owned by the Mean Fiddler Group, a subsidiary of Clear Channel Entertainment UK.

John Burns, Managing Director of Derwent Valley said: "The Astoria is a valuable addition and a strategic acquisition, which adjoins our existing holdings in the area and will form a potential development site for the future."

" We are committed to the regeneration of key areas in London and are looking forward to the opportunities afforded by such a prominent location."

The deal includes 17 Oxford Street which comprises 3,270 sq ft of retail space let for a 25 year term from June 1997, at a passing rent of £176,750 per annum.

Although a deal has been made, it remains unclear how long G-A-Y will continue at the Astoria.