Listed Odeon cinema now on the market
The prominent Picture Palace cinema, in Harrogate, has been brought to market.
The Grade II listed building is leased on a 25-year term to the UK’s largest cinema operator – Odeon Cinemas Limited
CBRE’s Operational Real Estate team is handling the sale of the property’s freehold interest and is looking for offers of more than £7m.
Situated on East Parade, on the edge of Harrogate Town Centre and opposite Harrogate Railway Station, the five-screen, 23,871 sq ft cinema has seating for 892 people.
Built in 1936 for Odeon and operated by the business ever since, the cinema was comprehensively refurbished in 2008.
Alfie Stephenson, of CBRE’s Operational Real Estate Team, 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 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.”
