Prominent Location within 2 miles of London`s West End
Close to Swiss Cottage Underground Station (Jubilee Line)
Let to Odeon Cinemas Limited on a lease expiring 2032
Annual RPI Linked Rent Reviews
5 Screen Cinema with 387 Seats
Lot 14
Auction 17th February 2022
Rent Gross: £553,834 per Annum
Status Sold
Price £2,000,000
Sector Leisure
Auction Venue Live Streamed Auction
On Instructions of a Major Fund
Property Information
Location
Miles
2 miles north of London’s West End, 0.5 miles north west of Primrose Hill & 0.5 miles north of St John`s Wood
Roads
A41 Wellington Road/Finchley Road
Rail
Swiss Cottage Underground Station (Jubilee Line) (17 minutes to Bond Street Station)
Air
London Heathrow Airport, London Luton Airport and London City Airport
Situation
Swiss Cottage is a popular and affluent London residential suburb, 2 miles north of London`s West End. St John`s Wood, Primrose Hill, West Hampstead & Regents Park are all within 1 mile. The Cinema is situated in the heart of Swiss Cottage, on the A41 Finchley Road at its convergence with the Avenue Road & Fitzjohn`s Avenue. The Cinema is adjacent to the Swiss Cottage Public House with South Hampstead Overland Railway Station 400 metres to the west and Swiss Cottage Tube Station is diagonally opposite.
Tenure
Leasehold. Term of 99 years from 25th December 1933 at a fixed ground rent of £2,600 pa & Insurance. The occupational tenant (Odeon Cinemas Limited) is responsible for insuring the premises.
Location
Miles
2 miles north of London’s West End, 0.5 miles north west of Primrose Hill & 0.5 miles north of St John`s Wood
Roads
A41 Wellington Road/Finchley Road
Rail
Swiss Cottage Underground Station (Jubilee Line) (17 minutes to Bond Street Station)
Air
London Heathrow Airport, London Luton Airport and London City Airport
Situation
Swiss Cottage is a popular and affluent London residential suburb, 2 miles north of London`s West End. St John`s Wood, Primrose Hill, West Hampstead & Regents Park are all within 1 mile. The Cinema is situated in the heart of Swiss Cottage, on the A41 Finchley Road at its convergence with the Avenue Road & Fitzjohn`s Avenue. The Cinema is adjacent to the Swiss Cottage Public House with South Hampstead Overland Railway Station 400 metres to the west and Swiss Cottage Tube Station is diagonally opposite.
Tenure
Leasehold. Term of 99 years from 25th December 1933 at a fixed ground rent of £2,600 pa & Insurance. The occupational tenant (Odeon Cinemas Limited) is responsible for insuring the premises.
Description
The Cinema has 5 screens including a large IMAX screen and over 387 seats. All screens have wheelchair access.
VAT
VAT is applicable to this lot.
Completion Period
6 Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The Cinema has 5 screens including a large IMAX screen and over 387 seats. All screens have wheelchair access.
VAT
VAT is applicable to this lot.
Completion Period
6 Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Seats
Tenant
Term
Rent p.a.x
Rent Review
Various
Cinema (5 Screens)
387 Seats
ODEON CINEMAS LIMITED (1)
19 years from 30/08/2013 expiring 21/12/2032
£553,834
01/07/2022 and annually thereafter linked to RPI
Total
£553,834
(1) Odeon Founded in 1930, ODEON is the largest and best-known cinema chain in the UK and Ireland. Owned by AMC Theatres, the largest movie exhibition company in the world.... Swiss Cottage Odeon has 5 luxury screens, including an immense IMAX screen with RealD 3D and have every seat on every row expertly designed to relax and recline during a film. (Source : www.odeon.co.uk/about-us/) For the year ending 31/01/2020 Odeon Cinemas Limited reported Turnover of £65,991,000, a Pre-Tax Profit of - £76,211,000 and Total Shareholders Equity of £163,933,000. (NorthRow 25/01/2022)
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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