Melbourne, 2 April 2014 – Two iconic cinema buildings located in Geelong and Albury have been listed for sale, offering a unique opportunity to invest in two prominent regional landmarks.
CBRE’s Justin Clarkson and Jamus Campbell have been appointed to market the two properties, which comprise an 11 screen cinema complex at 194-204 Ryrie Street, Geelong, and a large scale cinema and retail complex situated at 450-460 Dean Street, Albury.
Both properties are securely leased and have been operating as Village Cinemas for decades.
Mr Clarkson said the properties, which are being offered for sale separately or in one line, offered a rare investment opportunity.
“With long term leases attached, these two assets provide an attractive opportunity to acquire secure income streams underpinned by profitable businesses in two established and growing regional cities,” Mr Clarkson said.
“These iconic buildings also benefit from a central location in the heart of their respective retail and commercial centres.”
The 4,701sqm Geelong cinema complex is located within an iconic art deco building, complemented by modern cinema facilities, while the Albury cinema and retail facility, which comprises 5,849sqm, is positioned within the city’s main retail centre.
Mr Campbell commented: “Originally constructed in 1926, the building has been used as a cinema for the majority of this time and is regarded as one of Albury’s most prominent and significant landmarks.
“These properties form part of the social fabric of Geelong and Albury.”
Mr Clarkson said the attractive yields and rental growth offered by the two assets were likely to be key selling factors.
“Both leases have generous annual built-in rental growth provisions throughout their respective terms, providing an annual additional uplift in returns,” Mr Clarkson explained.
Geelong is located 75 kilometres south-west of the Melbourne CBD and Albury is situated 555 kilometres south-west of Sydney.
The properties are being offered for sale via an Expressions of Interest campaign closing May 8.
