One of Dublin’s best known cinemas, the Odeon Stillorgan, is being offered for sale as an investment through property consultants, Savills.
The landmark cinema is being offered for sale as an investment with a price tag in excess of €3.5 million, reflecting a net initial yield of approximately 8.8%.[rev_slider Surety]
Stillorgan was home to Ireland’s first Ormonde Cinema which opened in 1954. The original cinema was subsequently demolished in the late 1970’s and replaced in the early 1980’s by the existing Stillorgan Plaza. In 2011, the Ormonde Cinema was fully refurbished and reopened as a UCI Cinema, and later Odeon.
Dessie Kilkenny of Savills Investment who is handling the sale said.
“This is one of Ireland’s most established cinemas with an excellent residential catchment area. The leisure investment market has been an interesting sector of late with both speculative and specialist investors seeking opportunities. We expect a good level of interest for this particular investment property given the long unexpired lease term and the attractive net initial yield on offer.”
The property comprises a total of 7 screens that can accommodate up to 842 cinema goers at any one time. 2 screens are located on the ground floor whilst the remaining 5 are located at basement level. A Costa Coffee is positioned at the entrance lobby which is in addition to the traditional concession and ticket stand. There are offices and projection rooms situated on the upper floors.
The entire property is let to Ashbourne Cinemas Limited for a further 22 years at a current passing rent of €325,000. Ashbourne Cinemas Limited is a subsidiary of United Cinemas International (UCI) operating as Odeon. In May 2011 Stillorgan Cinema was rebranded after Odeon announced that it had bought back the UCI chain in Ireland (including Storm Cinemas) from Entertainment Enterprises.
This is the second high profile cinema investment sale to come to the market in recent months following the sale of the Cineworld on Parnell Street to a UK Group for in excess of €23 million – which would reflect a net initial yield of over approximately 8%.