The site at 81 Duke of York Square is a Grade II listed building that will be stripped back to emulate the style of a Venetian wine bar serving the small plates menu it has become famous for.
Beatty told Bloomberg the group is looking to a possible sale in the future but will look to increase its London estate in suburban parts of the city as well as outside of the capital before the group will consider a sale.
He added this would be between three and five years time to allow the group to double in size while ensuring the quality of the restaurants remain high.
“I want the estate to be tiptop and to be profitable. In order to sell a restaurant group or a brand, you need to be able to prove that it will work in Clapham or Wimbledon or Tunbridge Wells or Brighton as well as it will in Soho or Covent Garden,” Beatty said to Bloomberg.
“We haven’t done that yet. We’re not actively looking in those places yet. We’ve still got some proving to do yet.”
Beatty and Norman have been looking to open a site in Chelsea for a number of years and waited to find a suitable venue. As with other Polpos there will be a no booking policy and serve 'simple food, and good, young local wines'.
“Polpo Chelsea will feel closer to Venice than any restaurant we have opened yet. There are so many tables and chairs outside that it will feel very reminiscent of the huge squares of La Serenissima. Duke of York Square is one of London’s prettiest locations feeling secluded and continental, but it’s just a stone’s throw away from Chelsea landmarks like The Royal Court Theatre, Saatchi Gallery and Peter Jones,” said Norman.