Historic Cinema & Bingo Hall in Felixstowe and Gorleston on the Market
Specialist leisure property adviser, Christie & Co, has been instructed to sell the Palace Cinema and Bingo Hall in Felixstowe, Suffolk, together with sister business the Palace Cinema in Gorleston, Great Yarmouth.
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Both properties are freehold Art Deco buildings in high-profile positions in the towns and have been owned by Palatial Leisure since the mid-to-late 1990s.
The Palace Cinema Felixstowe comprises a bingo hall on the ground floor, with a two-screen cinema at first-floor level, while the Palace Cinema Gorleston offers four screens in total across ground and first-floor levels.
The businesses are available either individually or as a package and are offered for sale on a going-concern basis, with opportunities for new owners to further develop and build on the existing trade.
The properties also offer the potential for redevelopment, subject to the necessary consents and permissions, and may therefore appeal to developers and investors.
Patrick Duffy, Managing Director at Palatial Leisure Limited, commented, “I’ve been in the leisure, entertainment and gaming business for over 50 years, and the time is now right that I look towards reducing my workload, hence the decision to sell our Felixstowe and Gorleston properties. At the same time, we are making considerable investment into our principal asset, The Great Yarmouth Palace, which has the benefit of a 1968 gaming licence, particularly in preparation for the new regulations which come in to play in July, given our ability to capitalise on the sports betting slots allowance. We’re also introducing a Novovision casino management system to ensure we are state-of-the-art when it comes to security, data integrity and regulatory compliance.”
Lewis Last, Associate Director – Leisure & Retail at Christie & Co, who is handling the sale, adds, “Opportunities like this are comparatively rare in the leisure market, especially the potential to own the freehold interest in both sites, when so many cinema and gaming businesses are held on leases. We anticipate that interest is likely to come from a broad range of potential buyers within the leisure industry, as well as developers and investors, and being able to offer the properties individually or as a package provides additional flexibility.”
The Felixstowe property is for sale with offers in the region of £700,000. For more on the Felixstowe opportunity, visit: Cinema & Bingo Hall | Christie & Co
Gorleston property is for sale with offers in the region is £500,000. For more on the Gorleston opportunity, visit: Cinema | Christie & Co
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For further information on this press release, contact:
Lydia Stewart, Junior Corporate Communications Executive
E: lydia.stewart@christie.com P: +44 77121 198994
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