Odeon Cinemas – Streatham and Harrogate
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Atlas Real Estate Ltd has recently completed an off market acquisition of two prime Odeon Cinemas located in the centre of Streatham, London, and Harrogate on behalf of CBRE Global Investors.
The cinema in Streatham comprises 8 screens with 1,356 seats and Harrogate comprises 5 screens with 910 seats respectively. Both are strong traders for the tenant.
The properties area let to Odeon Cinemas Ltd on 25 year leases from August 2013 at rents of £350,000 per annum for Streatham and £410,000 per annum for Harrogate. The leases are held on full repairing and insuring terms subject to annual increases to RPI, collared at 1% and capped at 5%.
The combined purchase price was £14,050,000 which reflects a blended net initial yield of 5.10% assuming costs of 5.80%.
JLL represented the vendors, Odeon Streatham Ltd and Odeon Harrogate Ltd.
