Hobart cinema sells for $33m

THE Village Cinema complex in Collins St has been sold for $33 million by the developer Emmanuel Kalis — seven years after it was bought for $16 million.

The 6000 square metre site was one of the largest to be of- fered for sale in recent years. It comes on top of several good sales, including the UTAS Conservatorium of Music for $13 million and the $9.8 million sale of the former Goodyear site in Argyle St.

Buying by the Fragrance Group and UTAS is believed to have caused a 10 per cent spike in sales prices. The Knight Frank Tasmania agency sold the site to a private investor from Sydney.

Knight Frank principal Scott Newton said the seven cinemas had a nine-year lease and there was a 428-bay multideck car park as well as businesses Colony 47 and a Zone 3 laser tag that earned rental of $2.4 million a year.

Mr Newton said the business had been operating strongly during the past seven years, despite initial concerns about how the cinema industry would be affected by Netflix and other streaming platforms.