Soho Estates, the West End property empire of the late porn baron Paul Raymond, saw the value of its assets rise eight per cent to £565.6m last year.
Raymond left the bulk of his estate to his granddaughters Fawn James, a director, and India James when he died in 2008, aged 82.
The company, which owns more than 60 acres of land across Soho, is run by Raymond’s son-in-law John James and chaired by former transport minister Steven Norris.
Accounts filed in Companies House show turnover dropped six per cent to £27.2m in the year to 31 March due to properties undergoing redevelopment. Pre-tax profit fell to £18.9m from £19.6m.
Work on Walker’s Court is due to start later this year and will include a cabaret theatre and two nightclubs expected to be The Box and a re-incarnation of Madame Jojo’s, which was forced to close last year.