Harmsworth Pension Fund has appointed Portland Leisure Advisers to sell an income strip attached to the Odeon cinema on Leicester Square in London's West End, one of the world's most famous cinemas.
A guide price for the income strip for 22-24 Leicester Square has not been attached but is expected to fetch around £12 million.
In an income strip transaction, the owner sells the underlying real estate to the investor and enters into a lease agreement, with the option to buy the asset back for a nominal sum when the lease ends.
The building is let to Odeon Cinemas, part of AMC Theatres, from 30 August 2013 expiring 26 September 2036. From 1 July 2025, the asset is contracted to provide a projected total income of £24,997,346 until lease expiry.
The 1937 art deco building with a 120-foot granite facade houses the UK’s largest single-screen cinema with 800 seats.
It reopened after a £10 million refurbishment in 2018 as a 46,464-square-foot cinema venue with five screens and 947 total seats.
The rent is £1,827,142 a year and is subject to annual retail price index-linked reviews.
The venue is the home of UK film premieres, hosting more than 100 red carpet events a year and drawing global celebrities.