IF YOU’VE GOT an extra €3.5 million hanging around, you could become the proud owner of a Dublin cinema.
The Odeon in Stillorgan is up for sale. The seven screen cinema can sit up to 842 people.
It’s let to Ashbourne Cinemas Limited, a subsidiary of UCI, at an annual rent of €325,000 with 22 years still on the lease.
The purchaser will get a net initial yield of 8.8 per cent.
Stillorgan was home to Ireland’s first Ormonde Cinema which opened in 1954.
The original cinema was demolished in the late 1970’s and replaced in the early 1980’s by the existing Stillorgan Plaza.
In 2011, the Ormonde Cinema was fully refurbished and reopened as a UCI Cinema, and later as the Odeon.
Dessie Kilkenny of Savills Investment who is handling the sale said,
This is one of Ireland’s most established cinemas with an excellent residential catchment area. We expect a good level of interest for this particular investment property given the long unexpired lease term and the attractive net initial yield on offer.
“This is the second high profile cinema investment sale to come to the market in recent months following the sale of the Cineworld on Parnell Street to a UK Group for in excess of €23 million”.