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Port Way, Preston, Lancashire, PR2

Offers in Excess of
£6,465,000

Business rates & charges may apply

CBRE Ltd, London (Licensed, Leisure & Hotel Property)
SIZE

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SECTOR

Leisure facility for sale

Floor Plan
1

Key features

  • Well located 1.5 miles (2.4 km) to the west of Preston city centre on a 3.6 acre (1.5 ha) site.
  • Opportunity to acquire the long leasehold (141 years UXT) interest of a multiplex cinema underlet to United Cinema International (UK) Limited with Odeon Cinemas Limited as surety.
  • The property is underlet on a 25-year lease commencing 31/10/2013, providing 14 years unexpired. The tenant has an option to renew for a further 10 years at expiry.
  • Purpose Built 10-screen multiplex cinema benefitting from 1,890 seats, extending 35,910 sq ft (GIA).
  • The current rent passing is £828,673 per annum (£23.07 psf GIA), effective from 01/07/2024.
  • The rent is reviewed annually to RPI (collar and cap of 1% and 5%) each July.
  • Strong asset management initiatives including potential to repurpose following lease expiry (STP) and introduce additional complementary leisure facilities (pod / drive thru) on extensive site.
  • D&B rating 5A2
  • Seeking offers in excess of £6,465,000 which reflects a 12.00% NIY once deducting standard purchase costs of 6.80%

Description

The 10-screen UCI multiplex opened 09/03/1990. Following the merger of UCI and Odeon Cinemas Group in October 2004 it was re-branded to Odeon. The property is constructed of a steel frame structure with brickwork cavity walling to support the flat roof. A large pitched roof covers the main entrance which went through a full refurbishment in 2014. The multiplex is also supported by its own car park with approximately 220 spaces. The cinema has 1,890 seats across the 10 screens and extends to a GIA of 35,910 sq ft (3,336 sq m).

Energy Performance Certificates

EPC

Brochures

Port Way, Preston, Lancashire, PR2

Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Preston Station0.9 miles
  • Lostock Hall Station3.0 miles
  • Bamber Bridge Station3.6 miles

About CBRE Ltd, London (Licensed, Leisure & Hotel Property)

Henrietta House Henrietta Place, London, W1G 0NB

With an integrated network of over 300 wholly owned offices in more than 50 countries, our commercial property consultants advise more clients globally than any other commercial property adviser.

We work with occupiers, investors and developers of office, industrial, residential, retail and hotel property, providing strategic advice and execution for sales and leasing; tenant representation; corporate services; facilities, property and project management; appraisal and valuation; development services; investment management; energy and sustainability services, and research and consulting. To provide this service in the UK alone we have approximately 1,600 people with offices in Aberdeen, Belfast, Birmingham, Bristol, Edinburgh, Glasgow, Jersey, Leeds, Liverpool, London, Manchester, Sheffield and Southampton.

Notes

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Disclaimer - Property reference Odeon_Preston. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by CBRE Ltd, London (Licensed, Leisure & Hotel Property). Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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