Opus sells Birkenhead Vue

Opus Land has sold a cinema in Birkenhead to LondonMetric Property for £5.5m, reflecting a net initial yield of 7.7%.

The seven-screen cinema is let to Vue and is situated on Europa Boulevard in Conway Park, close to the Birkenhead Tunnel.

Vue has the lease for a further 15 years, at a rent of around £21/sq ft.

As part of an interim management statement for the period April to August 2014, LondonMetric said: "The acquisition will complement our existing Odeon portfolio and provides attractive income characteristics."

Opus bought the cinema out of receivership for £5.2m in July 2012.

Knight Frank acted for LondonMetric, while CBRE represented Opus Land.

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