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The association will relocate in March to a new office in Bloomsbury with space to host events such as BADA Talks, seminars and workshops as well as council meetings.

Under chief executive Marco Forgione, who joined in 2015, BADA sold its former Knightsbridge headquarters at Rutland Gate for a multi-million-pound sum in October 2015.

With some of the proceeds it bought a six-storey office building near the Barbican at 14 Dufferin Street, EC1.

However, it has now chosen to relocate again to Bloomsbury and will let out the Dufferin Street office to other tenants. The new 2000 sq ft space, close to the British Museum, is in a Grade II listed Art Deco building at 21 John Street.

The BADA has purchased the first floor using additional proceeds from the Knightsbridge sale.

Forgione said: “The strategy from the outset when we sold Knightsbridge was to create an investment property and find a centrally located office. Dufferin Street was a temporary office while we searched for a more suitable location.”

Forgione said the letting out of Dufferin Street will produce an annual income for the association.

He said the team will officially move in following the BADA Fair held at The Duke of York Square from March 15-21.