The deal will see Squarestone Asset Management partner with Irish boutique cinema brand, Arc Cinema, to bring an eight-screen cinema multiplex to the town centre. Arc specialises in providing a VIP cinema experience for the price of a standard ticket and the new cinema will be the first new one in Ayr for 80 years.
Iain McLean, real estate partner at DWF in Edinburgh, said: "We are delighted to advise Squarestone on this milestone letting to the Arc Cinema, which will give the community a new reason to come into Ayr and will rejuvenate this part of the town centre."
The new cinema will be the anchor letting in what is planned to be a new leisure and cultural destination complete with bars, restaurants and complementary leisure activities to breathe new life into the former retail-led Kyle Centre.
Iain added: "The face of our high streets is changing and there is a huge opportunity to innovate to attract communities back in to the town centre. The deal to bring Arc Cinema to Ayr – and the wider plans for the adjacent development of the leisure centre and swimming pool planned by South Ayrshire Council - is a fantastic example of how local authorities and property owners/occupiers can work together to bring interesting solutions to town centres, where retail once led the way."
Tim Barlow, chief operating officer of Squarestone Asset Management said: “We are delighted with the outcome of the efforts of all involved including Iain and the team at DWF, particularly, given the challenges of recent months. The Arc Cinema signing is a real endorsement of Ayr and we are all very excited about them committing to this opportunity. Squarestone Asset Management can now look at signing food and beverage operators to complement the cinema.”