The two bought the Odeon Cinema site opposite the Commonwealth Institute and Holland Park, for £24m in 2005, with plans to create a luxury residential apartment scheme with underground parking.

100,000 sq ft of apartments and townhouses will now be built above ground with a new six-screen Odeon cinema below ground.

The Royal Borough of Kensington and Chelsea has given planning permission following the submission of revised plans in March this year.

Following objections to the original plan, 30 affordable housing units will be built on a separate site rather than have 20 within the new cinema.