Fri, 29 Apr 2022 | COMMERCIAL PROPERTY
Offers of over £7 million are being sought for the Picture Palace cinema in Harrogate. The real estate team at CBRE has brought the freehold interest in the Grade II listed Picture Palace, built for Odeon in 1936 and renovated in 2008, to market.
The building is leased to Odeon on a 25-year-term, with a 16.3-year unexpired term and yearly RPI-linked rent reviews, which are subject to a 5 per cent cap and 1 per cent collar. The asking price of over £7 million reflects a 7 per cent net initial yield.
The opportunity to acquire the five-screen cinema comes at a time when the UK cinema industry is poised to recover fully from the COVID-19 pandemic. While last year’s takings were still considerably down from pre-pandemic figures in 2019, the sector is being forecast to perform strongly in 2022, with customer sentiment returning and several large blockbusters set for release, including Thor: Love & Thunder, Top Gun Maverick and a sequel to Avatar.
The Picture Palace features 892 seats across its five scenes and is set on a site of close to 24,000 sq ft. The cinema also has partial ownership of a car park with space for 88 cars. It is well situated to attract high footfall, standing a short walk from the centre of Harrogate, directly opposite the town’s train station and close to the A61.
Alfie Stephenson, of the Operational Real Estate Team at CBRE, said: “This iconic building has prospered under the operation of Odeon since it opened and is a firm fixture on the Harrogate leisure scene.”
"The long-income investment opportunity enables a keen investor to acquire the freehold interest on a cinema leased to the UK’s largest operator on a term that benefits from annual RPI-linked rent reviews. Our research shows that the cinema sector is set to have a strong 2022 with attendances anticipated to return to 100% of 2019 levels which makes this a timely opportunity.”
One of the best ways to find properties below market price is to look at recent administrations.
Find businesses for sale here.
A well established bar/restaurant with a renowned reputation amongst local residents. This is a superb opportunity to take on a high turnover local business in an area teeming with customers.The business is justifiably proud of its awards. They have...
FREEHOLD
The company offers high-end matchmaking and relationship consultancy services to affluent private members. Priding itself on its innovative and personal approach, the company is well-established and provides a discrete service.
LEASEHOLD
Highly reputable independent music production and supervision company providing end-to-end solutions across various applications including music supervision music licensing original score recording composer representation and an internal music librar...
08
|
Jun
|
UK IT specialist acquired by New York workforce management group | BUSINESS SALE
Gibbs Hybrid, a UK-based IT and business services firm, has ...
08
|
Jun
|
Farm and estate insurance broker targeting acquisitions | BUSINESS SALE
Lycetts Holdings Limited, a Newcastle-based broker specialis...
07
|
Jun
|
Law firm exploring sale option and set to appoint administrators | ADMINISTRATION
Plexus Law, a specialist defendant insurance law firm, is ex...
28
|
Aug
|
Odeon business could be put up for sale | BUSINESS SALE
A business sale could be on the cards for the Odeon cinema c...
01
|
May
|
Channel 5 to be sold to Viacom | BUSINESS SALE
Richard Desmond is due to announce the sale of Channel 5 to ...
15
|
Jun
|
Vue sold to Canadian pension funds | BUSINESS SALE
Vue Entertainment, one of the largest cinema chains in Europ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.