Two leisure investments are fresh to the investment market this week, with Savills guiding €22 million for the long leasehold interest in Coolock’s Odeon Cinema and Leisureplex.
These assets are producing a combined rent roll of €1.612 million and, given the guide price, this represents a net initial yield of 6.75 per cent.
The cinema is let to UCI Ireland under a 25-year lease from August 2008 at a rent of €937,000, while Leisureplex Coolock occupies its premises on a new 25-year lease at €675,000 per annum.
Odeon Cinema is in a single-storey modern building with a capacity for 2,189 people across its 10 screens. This 3,475sq m (37,404sq ft) complex accounts for about 9 per cent of Dublin’s entire cinema capacity.
Leisureplex is housed in a two-storey building with a bowling alley, a Quasar facility, a large children’s play area, arcade, snooker/pool hall and a first-floor office.
The properties are at the corner of the Greencastle and Malahide Road junction about 7km from the city centre and within easy reach of the M50/M1 interchange.
They are surrounded by a mix of residential, commercial and industrial space. Adjacent occupiers in Coolock Retail Park include McDonald's, Woodie's, Topaz, Lidl, Halfords and Right Price Tiles, while the Malahide Road Industrial Park is adjacent to the site.
