Luminar sells Preston site freehold
Nightclub operator Luminar Leisure has sold the freehold of a 1.13-acre site, featuring a former Odeon cinema and a Lava & Ignite club, in central Preston, off an asking price of £1.5m.
Luminar is to take a short leaseback on the 1,850-capacity Lava & Ignite, as well as offices, at 150-154 Church Street while the buyer, Chorley-based developer Rigby LLP, examines plans to develop the site.
Gerald Eve was instructed to find a buyer for the property, along with four other Luminar outlets in Birmingham, Bolton, Kingston-upon-Thames and Romford.
As well as Lava & Ignite, the 65,475 sq ft block in Preston contains a former Odeon cinema, which has been vacant for over 18 years. The property also includes 153 Church Street, which is currently trading as Dixie Fried Chicken and generates a rent of £16,500 per year on a lease that expires in 2012.
Gerald Eve leisure partner Chris Ford said: "This sale attracted a lot of interest from a wide range of bidders, many who were very excited by the redevelopment opportunities offered by such an extensive site.
"Luminar will take a leaseback on the nightclub and offices it occupies for a short period while the purchaser works up its redevelopment proposals for the site."
The sale comes as Preston's city centre is set to receive a £700m makeover under the Tithebarn mixed-use regeneration scheme of more than half of the city's centre.
