THE Sheridan Group of Belfast has agreed in principle to sell the new Virgin cinema complex in Dublin for £4.1 million.
The complex, which opened last November, will be sold to an undisclosed property investor, thought to be Dublin based. The sale of the Virgin multiplex, which currently has a rent of £350,000 a year, is expected to be completed within two months.
Meanwhile the Sheridan Group, which is responsible for developing the £30 million Parnell Street entertainment complex, has said that it expects to create 100 jobs there over the next three months.
The new jobs, which are part of an overall employment package of 500, will be in two new restaurants and a family entertainment centre at the complex, according to the chairman of the group, Mr Peter Curistan.
The company is developing two new theme venues for the centre - the Flix fast food restaurant and the Strike 4 sports bar and restaurant. It has yet to be decided who will operate the venues.
About £1.5 million in total will be spent fitting out the restaurants, which will each cover about 6,000 sq ft. A further £1 million will be invested in the 7,000 sq ft family entertainment centre.
The next phase in the project is the construction of a giant IMAX cinema which will have a 80 ft by 60 ft screen, and the latest sound and projection technology. The group has the Irish licence for IMAX, and hopes to open the new cinema in the spring of 1997.
The Sheridan Group bought the 3.8 acre Parnell Street site from Irish Life for £2.5 million in 1993. Part of the land was subsequently sold for £625,000, and 100 apartments were built on the site. The Sheridan Group also disposed of the car park on the site for £3.5 million.
