A bingo hall and cinema are being sold in Felixstowe, Suffolk. If you have £700,000 lying around, then you could be in with a chance of picking it up for yourself. The building is listed as freehold Art Deco, and is situated in a very prestigious location. In the Palace Cinema, you will see the bingo area on the ground floor, with a two-screen cinema on the floor above. You can buy the venue or the business as a package, and there’s the opportunity to build on the existing level of trade in the area.
Redevelopment is a Possibility
Even though the venue has been operating as a bingo hall and cinema for quite some time, it is said that you can redevelop the property. One thing to take note of is that you will have to take out the necessary consent, and you will also have to seek permission. This means that the property could be viable for upcoming developers or investors who want to invest in the area.
The owners of the building have said that this is a rare opportunity to invest in the leisure market. This is especially the case when you look at the fact that there is a potential to hold the freehold interest on both sides. The property is currently up for sale for £700,000, with a lot of interest already being shown in it.
The Change in the Bingo and Cinema Scene
One reason why the bingo hall has shut down is that there’s now so much more interest in online bingo. Many online bingo sites in UK offer 24/7 access, with numerous variants available to play. You can play with other people, and you can also take advantage of bingo bonuses. This creates whole new opportunities for those who want to play, and it also means that there are more opportunities than ever for people to get involved.
Even though traditional establishments still have their place and play a huge role in local economies, the demand for them has changed over the years. Interestingly, online bingo is fuelling interest in traditional bingo, showing that traditional establishments still have potential when operating as local bingo halls, especially if they are renovated and upgraded. It’s not just the bingo sector that has undergone this change either.
If you look at the world of cinema, it’s clear to see that things are changing. Streaming has taken over, and even though people love going to the movies as much as they ever did, cinemas have to keep up with the latest technology to make their offerings attractive. UK IMAX screens and 4D cinemas are now outpacing traditional 2D cinemas. With this in mind, it could be that the site is developed and upgraded, as again, the demand is still there, but businesses need to be able to pivot fast enough to move with the times.
The bingo hall and cinema in Felixstowe certainly provide an interesting opportunity for investors, and it has so much potential for developers.
