Opus buys Birkenhead cinema
YORKSHIRE-based property developer Opus North has completed two deals in the North West worth £7.9m.
The firm has bought a Vue cinema in Birkenhead for £5.2m and pre-sold a new Ford Dealership at Runcorn in Cheshire for £2.72m
The Birkenhead cinema, which is let to Vue on a 12-year lease at £21 per sq ft, was bought out of receivership after the previous owner went bankrupt.
Vue Birkenhead is situated on Europa Boulevard in Conway Park, close to the Birkenhead Tunnel. The state-of-the-art, seven-screen cinema has 1,700 seats.
The 14,000 sq ft dealership site was sold by Ilkley-based Opus North to North East-based private investment company, Halcyon. It is let to Ford Retail UK on a 20-year lease at rent of £12 per sq ft, giving an initial yield of 6.25%.
Andrew Duncan, managing director of Opus North, said: “These are two excellent deals in challenging times for the property market in the north of England”.
Opus North is backed by Palmer Capital Partners. It was advised by Putney Shuttleworth on the Vue Cinemas deal, while the administrator was advised by CBRE. GVA Grimley and Naylors advised the purchaser on the Runcorn deal.
