ONE of Scotland's leading leisure tycoons has snapped up a prime site in Edinburgh's west end for a major new nightspot.

Stefan King has bought up the former Berkeley casino at Rutland Place, near the five-star Caledonian Hotel.

Work to transform the B-listed building is expected to get underway next year, with an opening planned for 2010.

The three-storey building, originally St Thomas's Episcopal Church, dates back to the 1840s.

It was used as the offices of the Scottish Tourist Board until the late 1960s, when it was converted into a casino, which also had an entrance at Shandwick Place. The casino was closed down last year after operator Stanley announced plans to relocate to modern premises in the Fountainbridge area. Mr King is Scotland's 60th richest man, with a fortune of more than £70 million.

His G1 Group, which has more than 100 bars, restaurants and nightclubs, has been one of the biggest operators in Glasgow, but is gradually expanding elsewhere, including Edinburgh, Aberdeen, Perth and Dundee.

The Scotsman revealed last year how Mr King had swooped to buy The Hallion, the private members' club in Glasgow.

However, the 45-year-old businessman is currently embroiled in a massive row over plans to open a nightclub and bar-restaurant complex in Glasgow's Botanic Gardens.

The G1 Group, which has a string of major ventures in and around Glasgow, launched its first major Edinburgh venue last year, on Picardy Place in the capital's east end.

Marketing director Angus Lawrie said of the casino: "The breathtakingly detailed ceiling has been hidden from public view since the 1960s and we're very excited by the prospect of unveiling this hidden gem to the city.

"We're currently working up a proposal which, if approved, aims to create a flagship venue for the G1 Group to rival Edinburgh's highest-quality eating and drinking experiences."

Steven Robb, senior inspector at Historic Scotland, said:

"It is good to hear that G1 is keen to make a feature of the historic elements and we would be happy to discuss any plans they have for the building."

One senior property insider in the capital said it was "highly significant" that the G1 Group had bought its second major site on the route of the city's tram network. "Both Picardy Place and Shandwick Place are going to be major tram stops and are both likely to be major regeneration areas. These look like very smart investments."

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