Carlisle’s Vue hits the market for £5.8m
The 42,635 sq ft venue sits at 50 Botchergate in the city centre and is the only cinema in a 30-mile radius.
Carrick Real Estate is the agent for Carlisle’s Vue cinema. The agent is asking for offers in excess of £5,860,000, which reflects a net initial yield of 8%.
The running yield could reach 12.4% by 2035, reflecting the expected retail price index growth.
Boasting seven screens with 1,597 seats in total, the building is entirely let to Vue Entertainment on a long FR&I lease until 2024. Visitors also have access to a games room.
Rent is currently more than £500,000, which is set to increase following a rent review next March.
BAE Systems Pension Funds are the current owners of the property, having acquired the venue in October 2012 for £8.8m.