Capital & Regional signs 25 year Cinema lease in Hemel Hempstead
Capital & Regional has signed a 25 year lease without break with Empire Cinemas, the UK’s leading independent cinema chain, for a new, nine-screen cinema with a total of 924 seats at its centre in Hemel Hempstead. The rent has been agreed at £15 per sq ft, in line with the portfolio average, with index-linked annual uplifts.
The company has already secured planning permission to add an extension above the existing centre for the cinema, with construction work expected to start late in Q3 2019. The cinema is due to open in early 2021.
The opening of the cinema is a central element of Capital & Regional’s repositioning strategy for Hemel Hempstead town centre, where it expects to invest over £15m in the next two years.
Chief executive Lawrence Hutchings said: “The Empire Cinema and the express and casual dining options we will create are an important step forward in our repositioning of Hemel, consistent with our community centre strategy. It represents the next key stage following our investment in the family precinct, which is under construction, and an upgrade to centre finishes and amenities.”
