The biggest drive-in theatre in the southern hemisphere is for sale as an investment with long-term residential redevelopment potential.
At 155 Newlands Road, Coburg North, about 11 kilometres north of the Melbourne CBD, the Coburg Drive-in (pictured top, left and bottom) opened in 1965 and sits on an 8.1 hectare site.
The property is being offered with a 10-year leaseback to Village Cinemas which will pay a starting rent of $597,000 with three per cent annual increases.
The listing comes a year after the Kirby family, which founded the now listed entertainment group Village Roadshow, divested of two cinemas on Victoria’s Mornington Peninsula: the c1894 Sorrento cinema on Ocean Beach Road netted $5 million, another in Rosebud achieved a sale price of $4.4 million.
Should it sell on a yield of less 6 per cent, Village could be set for a payday of more than $10 million.
The complex includes three screens and buildings containing an area of nearly 700 square metres.