A cinema in Dundee is to get an Odeon Luxe upgrade after a new rental agreement was announced today.
The 10-year tenancy agreement has been secured with Regional REIT, a real estate investment fund managed by London & Scottish Property Investment Management, for the building at Kings Court in Dundee.
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Regional has made a rental agreement for £737,600 a year, which extends the lease expiry to 2035. Under the agreement, Odeon will undertake a full refurbishment to create the new luxury cinema with Regional making a ‘significant capital contribution’.
The Odeon Luxe experience means fewer seats, all reclining, and with Dolby Atmos sounds and 4K projection allowing a better cinema experience.
Elsewhere, the company is welcoming new tenants at Doges, Templeton on the Green, Glasgow where Cornerstone Community Care, a charity, has agreed a new 10 year lease on the top floor of this iconic Glasgow landmark office building looking across The People's Palace and Glasgow Green.
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The agreement will see Regional REIT fit out the last remaining shell space for Cornerstone who have agreed to pay a rent of £73,000 per annum.
Stephen Inglis, chief executive officer of London & Scottish Property Investment Management, said: "Securing further lettings to long-term tenants and welcoming new tenants to our properties is testament to the quality of our portfolio. Our flexible approach and active asset management continues to ensure we attract and secure high quality established businesses from a diverse range of industries.’’
