Untitled

Property
When in 1969 EMI acquired ABPC (now EMI Filn & Theatre
Corporation) it immediately began an investigation into the
property assets thus gained; the use to lvhich sites were being
iut, and to future development. An extensive survey ofthe
broup's cinemas revealed the need for modernisation in some
cases, conversiou into smaller cinema complexes in others, and
generally established future neeals for the industry. In 1970,/71
ihe Group spent over €2 million on moilernisation and on
conversions into twin or triple cinemas. With an annual capital
outlay ofthis orcler, it is clearly important to maximise the use of
every single property. A large proportion of oursites are in
cential positions in large suburbau or provincial shopping areas'
Some oflhem have proved capable of more comprehensive
development, ancl they are therefore being developed for
supermarket/cinema or similar projects. A nusrber ofthese
projects have already been completed and have resulted in
consiclerable revenue accruing to the Group.
EMI is also active in new town centres like Basildon anil
Stevenage, where multi-cinema, shopping and office complexes
have been built by the Group, often in co-operation with the
local development corporations or leading supermarket chains.
During the year the Gtoup acquireil a major site in London's
Tottenham Court Road - through the purchase of two property
companies , Gort Estates Limited and Gort Estates (Development)
Limited - and hag applieil to the Boroughs of Camden and
Westminster for outline planning permission to builil shops ,
cinemas, public houses, car parks and offices.
In realising more ancl more the property asset potential which
it acquired with ABPC, the Group is pursuing a rational gro*'th
policy : it is also becoming a sizeable property developel and is
likely to remain so.
I Part of EMI s ndjot deuelopr.ent at Basild on incoryoratins luo
cinenas, d m,Nn sq ft supema*et(tishtforcercund ) and o.
ss,0N sq ft off.ce block(in the baakercund ).
2&sThaGtoup
thc oA Enaire at
900.seat cinema and
s4,etck(far rEht),
ennof 1972.