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26/09/2012
For Sale: Belfast's Odyssey Pavillion
Belfast’s Odyssey Pavillion has been put up for sale for bids over £10m.
The venue, which is located next to the Odyssey Arena and W5 Science Centre near the city’s emerging Titanic Quarter, is home to a 12-screen cinema and bowling alley, along with numerous restaurants and bars.
The Pavilion initially opened in 2001 under a 150-year lease, which was garnered by Belfast businessman Peter Curistan.
Following a series of financial difficulties administrators were appointed to oversee the running of the Pavillion in 2010.
Savills estate agency is handling the sale, which is being undertaken at the behest of administrator KPMG.
Savills told the BBC it presented "a significant opportunity to purchase a valuable asset with a view to repositioning the scheme as a leading brand destination and appealing to a broader visitor base and leisure market".
Ben Turtle, head of Belfast office and director of investments, Savills, told the BBC: "The Odyssey complex is Belfast's only dedicated large scale leisure facility and the sale of the Pavilion offers a fantastic opportunity to reposition and rejuvenate this already popular leisure destination to suit the changing leisure marketplace."
At the time the Odyssey Pavillion went into administration, owner Peter Curistan owed Anglo Irish Bank £71m, meaning that, should the £10m asking price be fulfilled, Anglo Irish would still be facing a loss of £61m.
The bank was nationalised by the Dublin government in 2009, following Ireland’s banking crisis.
(IT)
The venue, which is located next to the Odyssey Arena and W5 Science Centre near the city’s emerging Titanic Quarter, is home to a 12-screen cinema and bowling alley, along with numerous restaurants and bars.
The Pavilion initially opened in 2001 under a 150-year lease, which was garnered by Belfast businessman Peter Curistan.
Following a series of financial difficulties administrators were appointed to oversee the running of the Pavillion in 2010.
Savills estate agency is handling the sale, which is being undertaken at the behest of administrator KPMG.
Savills told the BBC it presented "a significant opportunity to purchase a valuable asset with a view to repositioning the scheme as a leading brand destination and appealing to a broader visitor base and leisure market".
Ben Turtle, head of Belfast office and director of investments, Savills, told the BBC: "The Odyssey complex is Belfast's only dedicated large scale leisure facility and the sale of the Pavilion offers a fantastic opportunity to reposition and rejuvenate this already popular leisure destination to suit the changing leisure marketplace."
At the time the Odyssey Pavillion went into administration, owner Peter Curistan owed Anglo Irish Bank £71m, meaning that, should the £10m asking price be fulfilled, Anglo Irish would still be facing a loss of £61m.
The bank was nationalised by the Dublin government in 2009, following Ireland’s banking crisis.
(IT)
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