Having restored the Stella Cinema in Rathmines to above and beyond its former glory, developer Paddy McKillen jnr and Matt Ryan’s Oakmount is offering the Dublin 6 landmark to the market at a guide price of €9.5 million.
The sale, which is being handled by agent CBRE, offers the potential purchaser the opportunity to acquire the freehold interest in the property. The Stella is being sold with the benefit of McKillen jnr and Ryan’s Press Up Entertainment Group in place as tenant with an unexpired lease term of 20 years. The annual rent of €550,000 reflects a yield of 5.26 per cent.
The Stella cinema first opened its doors for business in Rathmines on January 29th, 1923. At the time, it was the largest cinema in Ireland with a capacity of 1,283. Having traded successfully for decades, the venue closed down in the late 2000s and remained shuttered until 2015 when its premises were acquired at auction by McKillen and Ryan’s Oakmount.
Following an extensive 18-month refurbishment, which saw much of the cinema’s art deco design reinstated and numerous original features uncovered and restored, the Stella reopened for business. Today, the property comprises approximately 1,296sq m (13,954sq ft) of accommodation which includes an award-winning cinema theatre, a cocktail bar and ancillary facilities. The Stella has a seven-day publican’s licence and is a highly successful and profitable business.
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While the capacity of the cinema itself has been reduced to 216 people, the theatre has been designed to offer movie-goers a premium experience. The Stella Cocktail Club within the cinema serves award-winning cocktails and snacks with seating for 108 people. The Stella Cinema and Cocktail Club frequently hosts box-office movie premieres and corporate events.
In 2021, the Stella Cinema was named as the best cinema in Time Out magazine’s 50 best cinemas in Ireland and the UK, and as one of the top 20 in the world’s most beautiful cinemas category.
Barry Fitzpatrick, who is handling the sale on behalf of CBRE, says: “The sale of the Stella Cinema, Rathmines, offers a rare long-income investment opportunity to acquire the freehold interest in a trophy asset like no other. The refurbished 1920s-style boutique cinema offers private and institutional investors the opportunity to acquire a secure long-income real estate investment which is let to an award-winning tenant in an excellent location.”
