The freehold of Boscombe’s Royal Arcade and the O2 Academy has been put on the market for the first time in more than 80 years.
The Victorian arcade and former theatre, now operating as a live music venue, have been within the same ownership since the 1940s.
The 1.2 acre site is available as a single or two lots with a guide price of £4.3 million.
Leisure property specialist Fleurets, which is handling the sale, says it’s a rare opportunity to acquire a landmark site.
The Royal Arcade is a Grade II Listed Victorian building built in 1892.
It features approximately 27 individual retail and leisure units at ground floor with further space at first and second floors.
Recent planning approval has been granted for the Royal Arcade, permitting the change of use of the upper floors to provide a mix of office space and business start-up units, as well as ground floor retail including a new food hall featuring pop-up eateries.
Academy Music Group Limited, owned by Live Nation, has traded from the O2 Academy since 2009.
The building, originally built in 1895 as The Grand Pavilion Theatre, now comprises a 2,000 capacity live music and events venue showcasing both national and international talent.
Kevin Conibear, Fleurets Director, said: “The Royal Arcade and O2 Academy are landmarks in Boscombe and this is a rare opportunity to acquire a strategically located site in the prime retail area of Christchurch Road.
“This offering represents a significant investment and redevelopment potential, featuring an unbroken high street parade on a 1.20-acre site with excellent prospects for development and asset
management.
“With a current total rental income of £397,346 per annum, 47 per cent of the income is secured against Academy Music Group Limited, the UK’s leading venue operator.”