source: google.com The historic building housing Buzz Bingo Clacton has been put up for sale.
The Grade II listed building which houses both Buzz Bingo and Century Cinema has been listed on the online portal Rightmove by the international real estate company CBRE for over £1,670,000. Located in the heart of the Essex seaside town centre near the Waterglade Retail Park, the property extends 33,520 sq ft.
Importantly, the property is being sold complete with the existing tenants including Buzz Bingo whose tenancy agreement extends until 2039. Meanwhile, the tenancy agreement with Century Cinema expires in 2028.
The former art deco cinema built in the 1930s is expected to garner a lot of interest as the sublet income from the ground-floor bingo club, part of the 82 Buzz Bingo clubs remaining, alone sums up to £39,899 per annum.
No announcement has been made on the future of Buzz Bingo Clacton and it is very much business as usual at the Essex Bingo Club for now.
Big Year Ahead for Buzz Bingo
At the end of last year, Buzz Bingo confirmed it has picked bankers to oversee an auction in 2024.
Sky News reported that Intermediate Capital Group (ICG) has asked Nomura to prepare a sale process for Buzz Bingo, which it has owned since 2021.
Buzz Bingo which also operates the Buzzbingo.com website, was acquired by ICG from Caledonia Investments for “a nominal sum” during the COVID-19 pandemic which devastated the UK bingo industry.
Since then, Buzz Bingo has closed many bingo clubs, including last week's announcement that Buzz Bingo Hengrove is to close on Sunday, January 28th.
Ben has been an massive bingo enthusiast and fan since playing at the seaside as a kid. Dedicated to bringing you the latest and best bingo news from the UK
