THE site of the former Odeon cinema and the surrounding land has been ‘gifted’ from the owners, property company C Le Masurier, to holding company LMF Jersey Investments Ltdwith an estimated total value of just over £3 million.

The six transactions, including the car park at the back of Bath Street, 82 to 92 Bath Street, 14 to 24 James Street, Africa House in Bath Street, and the cinema building were approved by the Royal Court this month.

The art deco Odeon building, which is listed as a site of special interest, is valued at £1 million.

The site is earmarked for a shopping centre, including a large supermarket spanning two floors with car parking for 450 cars, for which plans were submitted last year.

According to Property Week magazine, Le Masurier has held talks with both UK and French supermarkets and designed the scheme ‘in conjunction with an unnamed UK supermarket operator’.

If the plans are approved, the cinema will be turned into a three-story retail unit suitable for UK retail multiples such as New Look, Virgin and Debenhams.