Odeon Cinema, 43 - 45 St George's Place Canterbury Kent CT1 1UP

Odeon Cinema, 43 - 45 St George's Place
Canterbury
Kent
CT1 1UP

Freehold Leisure Investment

  • Entirely let to ABC Cinemas Limited, guaranteed by Odeon Cinemas Limited, from August 2013 until April 2032 (no breaks)
  • Annual RPI rental increases 1% - 5%
  • The tenant has a right to renew the lease for a further 10 years
  • Affluent and historic cathedral & university city
  • Nearby occupiers include Fenwicks Department Store, Waitrose, Travelodge, Premier Inn and Canterbury University
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    44
  • Auction
    19th May 2016
  • Rent
    £178,026 per Annum Exclusive
  • Status
    Sold
  • Price
    £2,790,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Trustees of a Major Pension Fund
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Leisure Investment

  • Entirely let to ABC Cinemas Limited, guaranteed by Odeon Cinemas Limited, from August 2013 until April 2032 (no breaks)
  • Annual RPI rental increases 1% - 5%
  • The tenant has a right to renew the lease for a further 10 years
  • Affluent and historic cathedral & university city
  • Nearby occupiers include Fenwicks Department Store, Waitrose, Travelodge, Premier Inn and Canterbury University
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 44
  • Auction 19th May 2016
  • Rent
  • Status Sold
  • Price £2,790,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Trustees of a Major Pension Fund

Property Information

Location
Miles
14 miles north-east of Ashford, 62 miles south-east of Central London
Road
A2, A28, M2, M20
Rail
Canterbury East and Canterbury West Railway Station
Air
London Gatwick Airport
Situation

Canterbury is an historic cathedral city, popular with tourists and home to the University of Kent, Canterbury Christchurch University and the University College for Creative Arts. The property is prominently situated on the south side of the busy St George's Roundabout, which links St George's Place, St George's Street and Upper and Lower Bridge Street. The property is opposite Canterbury's main retailing area with nearby occupiers including Fenwick's Department Store, Topshop, H&M, Zara, WH Smith, Superdrug and Caffè Nero, with occupiers on St George's Place including Waitrose, Travelodge, Premier Inn and Canterbury University. The property benefits from a substantial public car park immediately to the rear.

Tenure

Freehold.

Location
Miles
14 miles north-east of Ashford, 62 miles south-east of Central London
Road
A2, A28, M2, M20
Rail
Canterbury East and Canterbury West Railway Station
Air
London Gatwick Airport
Situation

Canterbury is an historic cathedral city, popular with tourists and home to the University of Kent, Canterbury Christchurch University and the University College for Creative Arts. The property is prominently situated on the south side of the busy St George's Roundabout, which links St George's Place, St George's Street and Upper and Lower Bridge Street. The property is opposite Canterbury's main retailing area with nearby occupiers including Fenwick's Department Store, Topshop, H&M, Zara, WH Smith, Superdrug and Caffè Nero, with occupiers on St George's Place including Waitrose, Travelodge, Premier Inn and Canterbury University. The property benefits from a substantial public car park immediately to the rear.

Tenure

Freehold.

Description

The property comprises a purpose built two screen cinema arranged over two floors with the ground floor comprising the main cinema screens, entrance foyer, coffee bar and offices with additional office and ancillary accommodation on the first floor. The two cinema screens provide a total of approximately 724 seats.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a purpose built two screen cinema arranged over two floors with the ground floor comprising the main cinema screens, entrance foyer, coffee bar and offices with additional office and ancillary accommodation on the first floor. The two cinema screens provide a total of approximately 724 seats.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
Ground
First
Cinema/Ancillary
Office/Ancillary
1,286.38 sq m
818.49 sq m
(13,846 sq ft)
(8,810 sq ft)
ABC CINEMAS
LIMITED
(GUARANTEED BY
ODEON CINEMAS
LIMITED) (1)
Approx. 18 years 8
months from 30/08/2013
until 04/04/2032 on a
full repairing and
insuring lease (2)
£178,026 (Minimum) 01/07/2016
and annually
thereafter
linked to RPI
(3)
Totals  
2,105.50 sq m
(22,656 sq ft) (4)
    £178,026 (Minimum)

(1) For the year ending 31st December 2014, ABC Cinemas Limited reported a turnover of £31,272,000, pre-tax profits of £3,397,000 and a total net worth of £18,542,000. Odeon is the largest cinema operator in the UK and Europe with over 243 cinemas and 2,238 screens across 7 countries as at December 2015. ODEON was merged with United Cinemas International (UCI) to form the main parent group which operates as ODEON and UCI Cinemas Group. The consolidated financial and operating data for ODEON and UCI Finco plc, for the year ending 31st December 2014, show the group generated £657.4 million of revenue and EBITDA of £52.7 million (Source: www.odeonanducicinemasgroup.com/investorrelations.html 18/04/2016). For the year ending 31st December 2014, Odeon Cinemas Limited reported a turnover of £171.519 million, a pre-tax loss of -£8.403 million and a total net worth of £183.677 million. Odeon Cinemas Limited has a 5A2 D&B credit rating, representing a lower than average risk of business failure (Source: D&B 13/04/2016).
(2) The current tenant has a personal right to insure the property.
(3) The rent reviews are linked to RPI subject to a minimum of 1% and a maximum of 5%. The current rent is £176,263 p.a.x. On 1st July 2016 the rent will increase to a minimum of £178,026 p.a.x but could increase to a maximum of 5% equating to £185,076 p.a.x .
(4) The areas stated are provided by Armada Surveys Limited dated 20th July 2013 but are not warranted. Accompanying floor plans are available within the legal
pack.

Property Documents

  • Catalogue Page
    Updated Date
    14.11.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    14.11.19
    File Size
    108 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard
London
EC4M 8AL
Lauren McLeod 0207 429 4959lauren.mcleod@shepwedd.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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