Posted on Wednesday 26 September 2012 by Ulster Business

 Odyssey Belfast Exterior   overlooking water

The administrators of entertainment complex the Odyssey Pavilion are inviting bids of over £10m for the venue.

Part of the Millenium development project in Belfast, the entertainment venue adjoins, but is a separate business to, the Odyssey Arena and W5 Science Centre.

It features a 12 screen multiplex cinema, ten-pin bowling alley, an IMAX Cinema and a range of restaurants, bars and leisure facilities.

It is being sold on the instructions of KPMG's John Hansen, who last week also instructed agents to seek bids in the region of £10m for the Lough Erne Resort & Spa in Co Fermanagh.

Mr Hansen said Odyssey Pavilion LLP "presents 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".

The Odyssey Pavillion was placed into administration in 2010, with Anglo Irish Bank saying its owner Peter Curistan owed it more than £70m.

Mr Curistan took legal action in a bid to remove KPMG as administrator of Odyssey Pavilion LLP last year, but was not successful in the courts.

Anglo Irish Bank was nationalised by the Irish government following the banking crisis after being crippled by billions of euros of bad property loans.

The Odyssey Pavilion comprises a total of 15 leisure based units extending to a total gross internal area of over 242,000 sq ft and occupies a prominent quayside river position.

Real estate advisors Savills said it would be seeking bids in excess of £10m, subject to contract and exclusive of VAT.

Ben Turtle, Head of Savills' Belfast Office, said; "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. The Odyssey Pavilion enjoys a very prominent landmark position within Belfast city centre, and alongside the Odyssey Arena, W5 and the now expanding Titanic Quarter we believe it represents one of the most exciting leisure investment opportunities within the UK and Ireland.

He added: "We appreciate the significance the overall Odyssey complex once had in helping to put Belfast on the visitor and leisure destination map and are focused on achieving the best result possible to ensure it continues to be a world class facility. The word 'Odyssey' represents a long and eventful journey and we hope that through this sale we can put the Pavilion firmly on a new and exciting path in that journey and help the whole development realise its full potential."


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