A landmark North Yorkshire cinema has been launched on the market as a leisure investment opportunity for potential landlords.
The opportunity to acquire the freehold interest in the Grade II listed 1930s Picture Palace in Harrogate, has been brought to market by CBRE’s operational real estate team.
The prominent building is leased on a 25-year term to the UK’s largest cinema operator, Odeon Cinemas Limited, and has a 16.3-year unexpired term with annual RPI-linked rent reviews subject to a 1% collar and 5% cap. Offers are being sought in excess of £7m. reflecting a 7% net initial yield.
