This article is from the Australian Property Journal archive
MELBOURNE’S famed Coburg Drive-In cinema is for sale, the 8.61ha inner north infill site is expected to fetch in excess of $11 million.
The 155 Newlands Rd Coburg North property is offered via public tender by JLL’s Tony Iuliano, Adrian Rowse and Brad Esler, in conjunction with transaction manager Charter Keck Cramer.
“The owner of the drive-in — Village Roadshow Theatres Pty Ltd, a subsidiary of the ASX-listed Village Roadshow Limited — will lease it back for an initial 10-year term on a triple-net basism,” Iuliano said.
“As well as being iconic, this site represents the last essentially undeveloped parcel of significant scale in Melbourne’s inner north,” he added.
Located on Newlands Road, Coburg North, the drive-in has been operating since 1965 and has three screens — one each on the south-western, north-western and north-eastern points of the site. At 33m wide each and overlooking an asphalt viewing area of 36,000sqm, the screens are thought to be the biggest in the southern hemisphere.
Iuliano said there had already been overwhelming interest in the site since the marketing campaign was launched on September 13. Most inquiries were coming from prospective buyers nationally.
“Given the high underlying land value component, the sale price could go a lot higher,” he said.
Rowse said there are plenty of future options for the Industrial 1-zoned site and it’s also likely to suit an e-commerce user, subject to council approval.
Australian Property Journal
