Udhayam Theatre complex to be sold

The local landmark, Udhayam Theatre Complex near Ashok Pillar, is up for sale.
It is roughly 25 years old. The complex having been built on 1.31 acres (23.8 grounds), houses four screens and seats over 2,000 people in all four halls. The premises will be auctioned through the city court with which a case is pending.
The property is owned by multiple promoters and is valued at Rs.100 crores. The sale is to be done through the services of Jones Lang LaSalle Meghraj, a Real Estate Service Provider. Bids are invited by the company till March 11.
The prospective buyer may either retain the theatres or go in for a development of the site, it is their choice, says the company.
The Chennai Metro Rail project has been proposed close to it. The property is located at a prime junction with arterial roads on four sides. There are no other theateres nearby. The sale pricing appears to have  been done keeping all this in mind.

This entry was posted on Thursday, February 19th, 2009 and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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