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)
Related Northern Ireland News Stories
Click here for the latest headlines.
27 March 2024
SSE Arena Implements Amazon's 'Just Walk Out' Technology
Belfast's SSE Arena has become the first indoor venue in Europe to implement Amazon's 'Just Walk Out' technology, offering frictionless checkout-free shopping and revolutionising the fan experience.
SSE Arena Implements Amazon's 'Just Walk Out' Technology
Belfast's SSE Arena has become the first indoor venue in Europe to implement Amazon's 'Just Walk Out' technology, offering frictionless checkout-free shopping and revolutionising the fan experience.
21 March 2024
BCC Unveils Refreshed Strategic Plan For Belfast City Centre
New plans to support the most vulnerable in Belfast while growing the economy, regenerating neighbourhoods and achieving climate targets have been published in a refreshed strategic plan for the city. First published in 2017, the Belfast Agenda set out joint vision for the city up to 2035.
BCC Unveils Refreshed Strategic Plan For Belfast City Centre
New plans to support the most vulnerable in Belfast while growing the economy, regenerating neighbourhoods and achieving climate targets have been published in a refreshed strategic plan for the city. First published in 2017, the Belfast Agenda set out joint vision for the city up to 2035.
20 March 2024
Belfast Man Handed Two-Year Stalking Protection Order
The PSNI have welcomed a two-year Stalking Protection Order (SPO) handed down to a 46-year-old Belfast man at Belfast Magistrates Court. The man had been found guilty of stalking and harassing his 50-year-old female ex-partner.
Belfast Man Handed Two-Year Stalking Protection Order
The PSNI have welcomed a two-year Stalking Protection Order (SPO) handed down to a 46-year-old Belfast man at Belfast Magistrates Court. The man had been found guilty of stalking and harassing his 50-year-old female ex-partner.
13 March 2024
Three Arrested In Connection With East Belfast Burglary
Two men and a woman have been arrested in connection with an attempted burglary in east Belfast on Monday, 11 March. PSNI officers responded to a report of an attempted break in and criminal damage at a property in the Upper Newtownards Road area.
Three Arrested In Connection With East Belfast Burglary
Two men and a woman have been arrested in connection with an attempted burglary in east Belfast on Monday, 11 March. PSNI officers responded to a report of an attempted break in and criminal damage at a property in the Upper Newtownards Road area.
06 March 2024
NI Schoolgirl Mentorship Programme Continues To Grow
An all-female leadership programme dedicated to enabling, empowering, and developing young girls across Northern Ireland has announced that it has tripled in size in 2024, with almost 400 sixth form schoolgirls from 28 schools are participating in the SistersIN programme this year.
NI Schoolgirl Mentorship Programme Continues To Grow
An all-female leadership programme dedicated to enabling, empowering, and developing young girls across Northern Ireland has announced that it has tripled in size in 2024, with almost 400 sixth form schoolgirls from 28 schools are participating in the SistersIN programme this year.