An Oxfordshire cinema has been placed on the market with a starting price in excess of £2 million as developers say they are expecting high demand for the building.

The Odeon cinema on the Horse Fair in Banbury closed on June 5 with cinema bosses saying it was "no longer viable" to run.

The site could now be given a new lease of life as the White Commercial Surveyors are selling the property as an investment with a view to future redevelopment subject to planning.

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Chris White, White Commercial managing director, said: “We are expecting a high level of demand in the Odeon, a landmark building in the centre of Banbury, from both investors and developers able to maximise the potential of this excellent site.

“Banbury and the Oxfordshire region have seen gargantuan changes since 1940, none greater than the development of the London to Birmingham M40 which signified in the 1990s the rapid development and expansion of the region.”

The 15,600 square foot property is currently let to ABC Cinemas, guaranteed by Odeon Cinemas Limited at a current rent of £167,781.52 per annum exclusive, with annual rental increases in line with Retail Price Index until April 4, 2032.

The building, a major landmark opposite the famous Lady on a White Horse at Banbury Cross, originally ‘The Regal Cinema’ was designed by architects A.P. Starkey and Frederick Adkins.

It first opened in October 1940 with Ralph Richardson in The Four Feathers.

The four-storey facade was built of local yellow stone with seating provided for 897 in stalls and circle levels.

By 1946 the cinema was operated by S.M. Super Cinemas Ltd then taken over by the Essoldo chain in 1954 and by The Classic Cinemas chain in 1972.

The Classic was re-named Cannon in 1986 when the Cannon Group took control of Classic Cinemas and in 1996 the cinema became the ABC, with Odeon Theatres taking over in October 2001.

Seating is provided for 422 people, plus four wheelchair spaces in screen one and 225 in screen two.

The closure of Odeon in Banbury coincided with the shutting of four other Odeon cinemas across the country, including Oxford’s historic cinema on Magdalen Street, which sits in a Grade II-listed building that was first opened in 1924.

In a letter written to its members, the Odeon said: "We are sorry to announce that following a thorough assessment of all other available options, we have made the very difficult decision to close Odeon Banbury on June 5.

"It's no longer viable to operate the cinema.

"Looking after our people is our number one priority and we are looking to secure jobs for as many team members as possible in one of our other cinemas."

For further information on the listing, visit www.whitecommercial.co.uk/property/abc-cinema-horse-fair-banbury-oxfordshire-ox16-0ah.