CBRE Global Investors has sold the Odeon cinema on Upper High Street in Epsom, Surrey, to LaSalle Investment Management, for £9.15m.
The sale, to LIM’s Northern Ireland Local Government Officers’ Superannuation Committee, reflects a 6.9% net initial yield.
The 40,500 sq ft multiplex cinema has eight screens. It is leased to Odeon Cinemas for a further 13.25 years for £671,958pa.
Alexander Joslin, associate in Savills investment team, which advised CBREi said: “This cinema’s consistent successful trading platform, affluent location, limited local competition and excellent covenant makes for a strong asset profile and provided a good opportunity for sale.”
Jones Lang LaSalle advised LIM.
annabel.dixon@estatesgazette.com
