Odeon's 10-screen cinema in Preston up for sale with guide price of £6.5 million

The Odeon cinema on Port Way is available to buy for £6,560,000 through agents CBRE Ltd.

The 35,910 sq ft property is currently on a 25-year lease to Odeon - this commenced on October 31, 2013.

This means that there are 14.5 years left, but the tenant has an option to renew for a further ten years at expiry.

Agents say the current rent paid is £805,352 per year, with “potential to repurpose following lease expiry (subject to planning permission) and introduce additional complementary leisure facilities (pod / drive thru) on extensive site.”

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The ten-screen UCI multiplex opened on March 9, 1990 and was rebranded to Odeon in 2004 following the merger of UCI and Odeon Cinemas Group.

The property is a steel frame structure with brickwork cavity walling to support the flat roof.

It underwent a full refurbishment in 2014 and has a car park with approximately 220 spaces.

No reason for the sale was given, but new competition will come into play next year when a new cinema complex opens in the heart of Preston city centre.

Animate - a £41m facility being built on the former indoor market site - is expected to create around 140 jobs and will boast an eight-screen cinema, 16-lane bowling alley, five restaurants, a street food hub and a so-called “competitive social” outlet, such as crazy golf or an escape room.

You can view the full listing at: https://www.rightmove.co.uk/properties/148849139#/?channel=COM_BUY