Odeon Cinema 122 Albert Road and 6, 7-8 & 9 Queens Road Hastings East Sussex TN34 1QP

Odeon Cinema
122 Albert Road and 6, 7-8 & 9 Queens Road
Hastings
East Sussex
TN34 1QP

Extensive Town Centre Freehold Cinema

Entirely let to ABC Cinemas Limited, guaranteed by Odeon Cinemas Limited, until 30 June 2038 (no breaks)
Approximately 1,785.33 sq. m (19,219 sq. ft.) over Ground, Basement, First, Second and Third floors
Annual RPI rental increases to a minimum of 1% and a maximum of 5%
Substantial Period Building which is not Listed
Historic Seaside Town benefitting from high levels of tourism
Within 80 yards (70 meters) of the entrance to the Priory Meadow Shopping Centre
Occupational Lease Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954

Lot
14
Auction
21st September 2023
Rent
£322,141 per Annum Exclusive
Status
Sold
Price
£2,250,000
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Extensive Town Centre Freehold Cinema

Entirely let to ABC Cinemas Limited, guaranteed by Odeon Cinemas Limited, until 30 June 2038 (no breaks)
Approximately 1,785.33 sq. m (19,219 sq. ft.) over Ground, Basement, First, Second and Third floors
Annual RPI rental increases to a minimum of 1% and a maximum of 5%
Substantial Period Building which is not Listed
Historic Seaside Town benefitting from high levels of tourism
Within 80 yards (70 meters) of the entrance to the Priory Meadow Shopping Centre
Occupational Lease Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954

Lot 14
Auction 21st September 2023
Rent £322,141 per Annum Exclusive
Status Sold
Price £2,250,000
Sector
Leisure
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 28 miles south-east of Royal Tunbridge Wells, 70 miles south-east of Central London
Roads: A259, A21, A27
Rail: Hastings Railway Station
Air: London Gatwick Airport

Situation

Hastings is an historic town and popular holiday destination in East Sussex. The property is prominently located in a part pedestrianised area of the town, on the east side of Queens Road. Hastings Rail Station is only 400 meters to the north west of the property and provides services to three London mainline stations (Victoria, Charing Cross and Cannon Street) with a fastest journey time of 1 hour 28 minutes.

Nearby occupiers include Costa Coffee, KFC, Caffé Nero and Greggs. In addition the Priory Meadow Shopping Centre is 70 meters from the property with retailers represented including Primark, Superdrug, Boots the Chemist and H&M.

Tenure

Freehold.

Location

Miles: 28 miles south-east of Royal Tunbridge Wells, 70 miles south-east of Central London
Roads: A259, A21, A27
Rail: Hastings Railway Station
Air: London Gatwick Airport

Situation

Tenure

Freehold.

Description

The property, an extensive and imposing corner building providing a cinema with four screens of 138, 162, 132 and 116 seats. Internally, the property comprises a ground floor foyer and café together with first, second and third floors for the screen and projection rooms. 7-8 Queens Road has been sublet for a term of years expiring 15 October 2028 at a current rent reserved of £50,000 p.a.x., further details are available within the Legal Pack.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Net Internal Floor Areas Approx sq m	Net Internal Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review
Ground & First Second Third Basement	Cinema	(6,258) (1,511) (6,288) (5,162) (6)	581.33 140.32 584.16 479.52 (6)	ABC CINEMAS LIMITED (1) with guarantee from ODEON CINEMAS LIMITED (2)	A term of years from 27/03/2014 until 30/06/2038 (3) (4)	£322,141.68	01/07/2024 and annually thereafter (5)
Total		(19,219)	1,785.33			£322,141.68

(1) ABC Cinemas Limited operates under the Odeon brand as one part of the wider Odeon UK Group which is a market leader in the UK operating 112 cinemas with 904 screens. (Companies House Financial Report 2020).
(2) For the year ending 31st December 2020, Odeon Cinemas Limited reported a Turnover of £65,991,000 a Pre-Tax Profit of -£76,211,000 and Shareholders Funds of £163,933,000 (Source: Companies House Financial Report 2020).
(3) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
(4) The lease provides for a Tenant option to renew the lease for a period of 10 years until 30/06/2048.
(5) The rent reviews are linked to annual RPI uplifts subject to a minimum of 1% and a maximum of 5%.
(6) The basement floor area has been calculated on a Gross Internal Area basis.

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.

Contacts

Acuitus

Jon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk

Alexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk

Seller's Solicitors

BCLP Law Governors House, 5 Laurence Pountney Hill
London
EC4R 0BR

Laura Havard 020 3400 1000Laura.Havard@bclplaw.com

Useful Links

Acuitus Finance

Stuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

Property Insurance

Natasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk