Port Way, Preston, Lancashire, PR2

SIZE

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SECTOR

Leisure facility for sale

1

Key features

• Well located 1.5 miles (2.4 km) to the west of Preston city centre on a 3.6 acre (1.5 ha) site.
• Opportunity to acquire the long leasehold (141 years UXT) interest of a multiplex cinema underlet to United Cinema International (UK) Limited with Odeon Cinemas Limited as surety.
• The property is underlet on a 25-year lease commencing 31/10/2013, providing 14.5 years unexpired. The tenant has an option to renew for a further 10 years at expiry.
• 10-screen multiplex cinema benefitting from 1,890 seats, extending 35,910 sq ft (GIA).
• The current rent passing is £805,352 per annum (£22.43 psf GIA), effective from 01/07/2023.
• The rent is reviewed annually to RPI (collar and cap of 1% and 5%) each July.
• Strong asset management initiatives including potential to repurpose following lease expiry (STP) and introduce additional complementary leisure facilities (pod / drive thru) on extensive site.
• D&B rating 5A2
• Seeking offers in excess of £6,560,000 which reflects a 11.50% NIY once deducting standard purchase costs of 6.80%

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