Stillorgan cinema goes on the market for €3.5 million

ONE of the best known cinemas in Dublin has gone on sale with a price tag in excess of e3.5 million.

The Odeon Stillorgan is being offered for sale as an investment through property consultants, Savills.

Stillorgan was home to Ireland’s first Ormonde Cinema, which opened in 1954.

The original cinema was subsequently demolished in the late 1970s and replaced in the early 1980s by the existing Stillorgan Plaza.

In 2011, the Ormonde Cinema was fully refurbished and reopened as a UCI Cinema, and later as the Odeon.

Dessie Kilkenny of Savills Investment, who is handling the sale, said the Odeon was one of Ireland’s most established cinemas.

“The leisure investment market has been an interesting sector of late with both speculative and specialist investors seeking opportunities,

? he said.

“We expect a good level of interest for this particular investment property given the long unexpired lease term and the attractive net initial yield on offer.

?

The property comprises a total of seven screens that can accommodate up to 842 cinema goers at any one time.

This is the second high profile cinema investment sale to come to the market in recent months following the sale of the Cineworld on Parnell Street to a UK group for in excess of e23 million.