Member Article

Opus North sells Birkenhead cinema for £5.65 million

Opus North, the leading West Yorkshire-based property development and investment company, announced that they have sold the Vue cinema in Birkenhead to London Metric Property for £5.65 million.

The cinema, which is let to Vue on a 15-year lease at £21 per sq ft, was bought out of receivership two years ago for £5.2 million.

The sale price of £5.65 million reflects an initial yield of 7.7%.

Vue Birkenhead is situated on Europa Boulevard in Conway Park, close to the Birkenhead Tunnel. The state-of-the-art, seven-screen cinema has 1,700 seats.

Andrew Duncan, managing director of Opus North, commented: “This sale reflects a buoyant investment market in the North West. It will also allow us to continue on our acquisition trail in the north of England.”

A spokesman for London Metric said: “The acquisition will complement our existing Odeon portfolio and provides attractive income characteristics”.

CBRE advised Opus North, while Knight Frank acted for London Metric.

This was posted in Bdaily's Members' News section by Clare Burnett .