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25
Apr 2022
Last Updated: 25/04/2022
Harrogate's Odeon cinema up for sale for £7m
The building is currently leased to Odeon on a 25-year term, with over eight years left of the current deal, which means it will be remaining as a cinema.
Odeon
Harrogate's historic Odeon cinema building has been put up for sale for £7m.
The art-deco cinema was built in 1936 and has been home to the Odeon ever since.
The building is currently leased to Odeon on a 25-year term, with over eight years left of the current deal, which means it will be remaining as a cinema.
The 5-screen cinema has 892 seats and was refurbished in 2008. The sale is for the freehold of the building and is being marketed by property firm CBRE.
Alfie Stephenson, CBRE’s operational real estate team, said:
“This iconic building has prospered under the operation of Odeon since it opened and is a firm fixture on the Harrogate leisure scene.
“The long-income investment opportunity enables a keen investor to acquire the freehold interest on a cinema leased to the UK’s largest operator on a term that benefits from annual RPI-linked rent reviews.
“Our research shows that the cinema sector is set to have a strong 2022 with attendances anticipated to return to 100% of 2019 levels which makes this a timely opportunity.”
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Last year, Harrogate historian Malcolm Neesam wrote about the history of Harrogate's cinemas for the Stray Ferret.
On the Odeon, Ms Neesam wrote:
"On 17th June 1935, the Council approved plans from Odeon Theatres ltd for a new Cinema on East Parade which was initially publicised as having 1,800 seats. A flutter of excitement passed through the town’s many cinema enthusiasts, who realised that this was to be the first new cinema built in the town that was designed with “talking pictures” in mind, rather than an updated relic from the days of “silent” films.
"Named the “Odeon”, the new cinema had been designed by the famed architect Harry W. Weedon for Odeon Theatres Ltd whose Managing Director, Oscar Deutsch, was rumoured not to like cinema organs. Whatever the truth of this, the new Odeon had no organ, but was furnished with the latest sound reproduction equipment manufactured by the British Thomson-Houston Company."
"Externally, the strikingly handsome art deco design was faced with cream and black tiles, highlighted with neon lighting strips in orange. Internally, perfect screen viewing was available from every one of the ground floor’s 1,000 and the balcony’s 600 seats, due to there being no pillars, and the décor was predominantly gold and silver, countered by carpets and upholstery in blue and green."
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