CBRE appointed to sell UK cinema portfolio - including Tivolis in Bath and Cheltenham
Real estate advisor CBRE has been appointed to sell a portfolio of eight cinemas, including the boutique Tivoli cinemas in Bath and Cheltenham.
The portfolio comprises two luxury boutique Tivoli cinemas, five multiplex cinemas and one classic standalone cinema in Bath, Cheltenham, Birmingham, Clydebank, High Wycombe, Ipswich, Sutton and Sutton Coldfield.
The assets are being made available either as a whole or as separate sites.
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The assets are available on a variety of tenures with freeholds, long leaseholds, and occupational leaseholds, providing buyers an opportunity to leverage some of the real estate post-acquisition.
In addition to the cinemas, the fully operational head office in Leicester Square will be offered as part of the sale, which is on a peppercorn rent for the next three years.
Toby Hall, senior director, operational real estate at CBRE said: “This is a rare opportunity to acquire profitable, operating cinemas in a market with renowned high barriers to entry.
"The sale can either act as a platform for parties to enter the sector or allow existing operators to complement their current estate by acquiring individual or multiple cinemas.
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"We have received significant interest from a wide pool of prospective buyers as they look to capitalise on a recovering industry.”
The company that operated the cinemas went into administration in July. The portfolio comprises the cinemas that remained open. Further sites in Bishop's Stortford, Catterick Garrison, Sunderland, Swindon, Walthamstow and Wigan were closed.
