Funding announced for new IMAX cinema complex at stadium

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Funding has this week been agreed for a new multi-million pound cinema to be built next to the football stadium – with a goal of benefitting the nation.

The Crown Estate has pledged to fund the MK1 Leisure Park development, which will include a 15-screen Odeon cinema complete with IMAX.

And, in line with its responsibilities to the Government, all profits will be paid to the Treasury.

A spokesman for the property management giant said: “We pay our surplus revenue (profit) to the Treasury for the benefit of the nation. In 2012/13 this was £252.6 million.”

The MK1 park will also see eight restaurants, all of which have already been pre-let to a range of tenants including Nando’s, Bella Italia, T.G.I Friday’s, Prezzo and Frankie and Benny’s.

The Crown Estates funded the MK1 Shopping Park on the same site last year. It has now strengthened its holding by buying the nearby DW health and fitness unit for £7 million from development company InterMK, which is owned by MK Dons chairman Pete Winkleman.

Mr Winkleman said: “I am delighted we are once again working with the Crown Estate. Our last project, the MK1 Shopping Park, has been such a huge success and I believe the new IMAX cinema and restaurant complex will be equally as popular.

“The new MK1 Leisure Park will only strengthen the overall site’s reputation as one of the most popular leisure destinations in Milton Keynes and the wider region.”

The leisure park will be the first such development the Crown Estate has funded outside of London.

Its property management business is valued at more than £8.6 billion. It even owns the UK seabed out to 12 nautical miles, and provides seabed leases to allow fish-farming activities.