Regeneration of Preston Gets Boost as Luminar Instructs Gerald Eve to Sell Block
A 1.13 acres island site, development opportunity, is set to come to the market in the heart of Preston’s city centre, which is to receive a £700m makeover.
Luminar Leisure has appointed Gerald Eve to sell the freehold of 150-154 Church Street, a 65,475 sq ft block with predominantly vacant possession for £1.5m
It is expected to receive a lot of interest following the Lend Lease-led partnership in November gaining consent, from the Government, for its Tithebarn mixed-use regeneration of more than half the Lancashire city’s centre.
The site contains a number of uses and is dominated by the former Odeon Cinema which has been vacant for over 18 years, and the 22,783 sq ft Lava & Ignite Nightclub which has a current capacity of 1850 people and is set predominantly underneath the 40,000 sq ft cinema. Both of these uses span the entire length of the buildings. It 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 which expires in 2012.
Gerald Eve leisure partner Chris Ford said: “This property will appeal to a wide range of developers, investors and owner occupiers given the Tithebarn inspired buzz of excitement. Consideration will also be given to a short term leaseback of the Night Club premises, currently trading as Lava & Ignite and the first and second floor offices at 153 / 154 Church Street.”
Gerald Eve is also selling four other nightclubs for Luminar in Birmingham, Bolton, Kingston-upon-Thames and Romford.