Scotland Cinema: Empire Clydebank for sale on open market

The Empire Clydebank was one of eight profitable cinemas to survive the initial management of the Empire Cinemas property. Six locations south of the border were closed at the time of the July announcement, resulting in the loss of 150 jobs.

The real estate consultant CBRE was commissioned with the sale of a portfolio of eight cinemas.

The agent said there has been “significant interest from a wide pool of potential buyers” as interest in the open market cinemas increases.

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The property includes two luxury boutique Tivoli cinemas, five multiplex cinemas and one classic single cinema.

In addition to the 2,500 seat cinema in Clydebank, there are locations in Bath, Cheltenham, Birmingham, High Wycombe, Ipswich, Sutton and Sutton Coldfield.

They can be purchased either as a single portfolio, individual locations or a combination.

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The assets are described as “presenting buyers with a fantastic opportunity to use a portion of the properties post-acquisition.”

Toby Hall, Senior Director, Operating Real Estate at CBRE said: “This is a rare opportunity to acquire profitable, running theaters in a market with notoriously high barriers to entry.”

“The sale can either serve as a platform for parties to enter the sector or allow existing operators to supplement their current inventory by acquiring single or multiple cinemas.”

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He added, “We’ve had a lot of interest from a wide range of potential buyers looking to capitalize on a recovering industry.”

In addition to the cinemas, the sale will also include the fully operational Leicester Square headquarters, for which a peppercorn lease will be paid for the next three years.

The property is being sold on behalf of the administrators BDO.