A 50-year old drive-in and diner in Melbourne's north are on the market with price expectations north of $11 million.
ASX-listed Village Roadshow Limited has enlisted commercial real estate agents JLL Melbourne to manage the sale of the eight-hectare site located at 155 Newlands Road, Coburg North.
Village Roadshow Limited is currently within a ten-year lease, with another two five year options.
“The owner of the drive-in, Village Roadshow Theatres will lease it back for an initial 10-year term on a triple-net basis,” JLL’s Tony Iuliano said.
The drive-in cinema is one of three remaining in the state of Victoria, operating since 1965.
Related: Village Roadshow Bosses Take 25% Pay Cut to Reduce Debt
The screens are thought to be the biggest in the southern hemisphere.
“As well as being iconic, this site represents the last essentially undeveloped parcel of significant scale in Melbourne’s inner north,”
The sale marks a significant landholding within a land-constrained Melbourne market with plenty of future options for the Industrial 1-zoned site.
The property benefits from access to major road infrastructure, including the Western and Metropolitan ring roads.
Consent from Heritage Victoria would be required to make changes to the site which was recognised by The National Trust in 2007.
