Dev Sec buys Burnley cinema for £4m

QUOTED property group Development Securities has spent £4m on a multi-screen cinema complex in Burnley.

It has bought Hollywood Park, off Manchester Road, which is home to the eight-screen Apollo Cinema as well as a bar which is run by Punch Taverns.

Development Securities, which also owns the MEN Arena in Manchester, said the deal reflected a net initial yield of 8.2%.

Some 71% of the income is secured to Apollo Cinemas for a further 21 years with the remainder to Punch Taverns for 13 years.

It said the park also offers scope to add value through improvements to the premises and its restaurant facilities.