The licensed and leisure team at Colliers CRE has disposed of 80 1930's cinemas, raising £150 million over the past 8 years. The economic life of these properties is coming to an end thanks to changing consumer trends. This can mean the alternative use value of this type of property is higher than the operational value of the business.
Many of the premises sold had already been converted to bingo halls and much of these were listed buildings. Alternative use applications for such buildings must ensure the preservation of each property is sympathetic with its historical nature while fully realising the commercial value of the site.
Purchasers of the sites have varied and the alternative use is largely dependent on the location. Popular uses for redundant 1930's cinemas include residential development, music venues, churches and community centres, food stores, health and fitness centres, hotels, nightclubs and bars, retail units and offices.
Toby Hall, Director in the licensed and leisure team at Colliers CRE, comments: "Traditional cinemas, while often viewed as the heart of the community, are becoming increasingly redundant as people are prepared to travel further to pursue different activities in more modern and comfortable environments.
"The sale of such facilities must be treated with consideration for the local area, its needs and the structure of the building. Working carefully with the buyer and seller to identify suitable alternative uses that are sensitive to the local environment has led to us securing a whopping number of successful 1930's cinema sales in the sector."
Specific examples include:
- Residential Developers; Monkseaton, Glasgow and Kensington
- Music Venues in Newcastle, Middlesborough and Halifax
- Community Use/Churches in Wolverhampton, Catford and Kilburn
- Food Stores in Golders Green, Hanley and Hull
- Health & Fitness in Longbridge, Brentwood and Harrow
- Hotels in Shepherds Bush and Aberdeen
- Nightclubs in Kingston, Blackpool and Falkirk
- Bars in Dundee, Crawley and Southport
- Retail in Leeds, Newcastle and Portsmouth
- Offices in Wimbledon
For more information contact our press office:
Natasha Sunderland Head of PR +44 20 7344 6641
Jacqueline Whitaker Associate Director +44 20 7344 6706