THE DEVELOPERS behind Southampton's emerging Charlotte Place hotel have bought London's Iconic Swiss Centre.

McAleer & Rushe, who are building a 257-bed hotel for Jury Inns in Southampton, snapped up the landmark building for £47m.

Famed for its chiming clock and a prestigious location just off Leicester Square, the Swiss Centre may now be demolished as McAleer & Rushe plans to completely redevelop the site.

The company won a bidding war involving 13 offers being tabled for the centre, which was created in 1962 as a showcase for Switzerland and initially contained a Swiss Bank, the Swiss National Tourist Board, shops and other businesses.

A spokesman for the company said they are "very excited" about the project.