Wed, 07 Mar 2012 | COMMERCIAL PROPERTY
A former Odeon cinema in Colchester has gone on sale for a reported £1.5 million.
The property in the Crouch Street area has been derelict for ten years and local businesses are said to be pleased about the move as many felt the building had become an eyesore.
Property firm Whybrow is marketing the 1931-built property, which closed down when a new multiplex cinema was built in Colchester. It originally seated 1,446 people and in its heyday it featured a café and a Wurlitzer organ. After 1990, the cinema had an additional three screens constructed, bringing the total number to six.
Peri Leisure currently owns the property and had investigated the possibility of turning it into a nightclub. However, the plans were refused at appeal.
Ewan Dodds, managing director of Whybrow, believes the property offers tremendous potential for investors. He commented, “This is a remarkable opportunity to offer one of the town’s most eyecatching buildings. And the tremendous space the building, which is not listed, provides lends itself to such a wide variety of uses, or redevelopment subject to planning if necessary.”
One local trader told the Daily Gazette, “It is a beautiful building, but it is an eyesore and I would love to see it turned into something.”
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LEASEHOLD
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