LUCRUM

Licet Developments Limited, a joint venture between London & Paris and Portfolio Holdings Limited, purchased the former Head Post Office and adjoining sorting depot in the centre of Colchester in early 2000.  Planning consent was obtained for an eight screen multiplex cinema, together with 15,000 sq ft of A3 accommodation and a small A1 unit.  The scheme was undertaken behind a retained facade in the historic Conservation Area of the town, following an extensive and successful six month archaeological investigation.

 

The scheme was largely pre-let to Odeon Cinemas and Six Continents on 25 year leases and development finance was provided by the Bank of Scotland.  The created investment was sold to a syndicate of overseas investors for £10m.