Luminar Leisure has gone to market with an 1.13-acre island site development opportunity in the heart of Preston city centre.
Luminar has appointed Gerald Eve to sell the freehold of 150-154 Church Street, a 65,475 sq ft building with predominantly vacant possession, for £1.5m.
The site sits close to Lend Lease’s proposed £700m mixed-use Tithebarn scheme, which was approved by the secretary of state in November following a planning inquiry.
It comprises the 40,000 sq ft former Odeon cinema, which has been vacant for more than 18 years, and the 22,783 sq ft Lava & Ignite Nightclub, which has a capacity for 1,850 people.
It also includes 153 Church Street, which is trading as Dixie Fried Chicken and generates a rent of £16,500 pa on a lease that expires in 2012.
Gerald Eve leisure partner Chris Ford said: “This property will appeal to a wide range of developers, investors and owner-occupiers given the Tithebarn inspired buzz of excitement.
“Consideration will also be given to a short-term leaseback of the nightclub premises, currently trading as Lava & Ignite, and the first- and second-floor offices at 153/154 Church Street.”
Gerald Eve is also selling four other nightclubs for Luminar, in Birmingham, Bolton, Kingston-upon-Thames and Romford.
paul.norman@estatesgazette.com
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