Ho­bart cinema sells for $33m

Mercury (Hobart) - - NEWS - NICK CLARK

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.

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