TAUNTON'S only cinema has recently be sold to a council in an £11million pound deal.

Taunton Odeon, based at Heron Gate, has been purchased by a Devon-based council for £11.1million.

The building, which was sold by Altitude Investments, has recently been revealed to have been purchased by Torbay Council, as documented in the authority's January 2020 Treasury Management Strategy.

The building totals 27,000 sq ft, sits on a site of 3.2 acres and is let to the secure covenant of Odeon Cinemas limited with more than 18 years remaining.

The passing rent is £591,000 per annum.

George Turnbull, director of Altitude said: "We are very pleased to have concluded another offmarket acquisition, proving that there is always room for the ‘nimble’ investment firms to transact in these difficult market conditions. Altitude is a small firm, but we have great contacts nationally which enables to uncover these opportunities and keep a strong deal flow for our investors.

“This asset is a strong performer in the regional market following the LUXE refurbishment of two screens, creating further investor confidence.”

Torbay Council has been approached for comment.