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Odeon

Basingstoke Leisure Park, Basingstoke, RG22 6PG 39,197 sq ft

Description

Solus leisure investment opportunity. Basingstoke is strategically located within Hampshire, with excellent communication links being off the M3 and situated 50 miles south west of central London. Basingstoke is one of the most affluent areas in the country, ranking 19th out of the top 200 PMA centres. The property is situated in the prime leisure pitch for the town, being part of Basingstoke Leisure Park, with occupiers including Hollywood Bowl, Buzz Bingo, Premier Inn, KFC, Costa, and iFly. The property comprises a purpose built 10-screen multiplex cinema, totalling 39,197 sq ft. Let to Odeon Cinemas Ltd on a 20 year lease, expiring 14 September 2026. The annual rent is £611,245, reflecting £15.59 per sq ft. Long leasehold at a peppercorn expiring September 2115. Odeon are one of the market leading cinema chains in the UK with a 21.1% market share. Asset management potential. We are instructed to seek offers in excess of £6,034,000 (Six Million and Thirty Four Thousand Pounds), subject to contract and exclusive of VAT. This equates to a net initial yield of 9.50% (assuming purchaser’s costs of 6.63%), and a price per sq ft of £154.

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