Golfrate Holdings has submitted a planning application to Westminster City Council (WCC) for the £145m redevelopment of the London Trocadero site.

In June 2005, Golfrate bought the freehold interest in the London Trocadero centre and the London Pavilion on Piccadilly Circus from the Burford property group – which is owned by Lehman Brothers – for £220m.

The Trocadero is now owned by London Trocadero, a company established by Golfrate last year to own and manage the redevelopment of the property.

The application submitted to the council includes plans to construct a 600-bedroom hotel on the upper floors of the site.

The lower floors will be reconfigured to provide larger leisure-based units. The redevelopment will also include permanent designs on the building’s exterior – including a “wall of light”, which would stretch a third of the length of the Shaftesbury Avenue side of the building and change colour and pattern at night.

The internal atrium will be removed and all interior units will be accessible from the street.

The development will take place in three phases, with planning approval expected from WCC by October this year.

The group’s redevelopment plans for the London Pavilion will be submitted separately.

Golfrate’s London property portfolio is valued at around £1.25bn. The company aims to own property with a value of more than £2bn within the next five years, focusing on landmark properties within Greater London.