Cinema is focal point of new city lifestyle quarter
Set in an iconic Art Deco building that has been a feature of the Hastings landscape since it was built after the 1931 Hawke’s Bay earthquake, Focal Point is the only cinema in the city.
It is in a thriving and newly rejuvenated area of Hastings that has attracted business, restaurants and breweries in the past five years, including the complete renovation of the neighbouring Municipal Theatre.
Focal Point Cinema has state-of-the-art equipment and the largest screen in Hawke’s Bay.
With earnings on target in excess of $2 million, and gross profit of 62 per cent, Focal Point Cinema is a fully managed going concern with a strong and growing financial profile. This will continue to increase as visitor numbers surge in this newly thriving area of the city.
The cinema offers a unique dining and cinematic experience with Art Deco decor, comfort and a warm, friendly atmosphere.
The onsite cafe currently serves basic food and snacks, however there is immense room to grow this operation.
Twelve 12 experienced staff run the cinema, showing that in a currently challenging market for employers, Focal Point Cinema has a reliable and capable team.
“The Focal Point Cinema has been part of the Hastings landscape for generations.
“This is a unique opportunity to get into a rapidly recovering sector renowned for its out-performance during economic downturns.
“It is a fully managed investment with financial performance year to date well ahead of estimates, and ROI in excess of 30 per cent,” says ABC Hawke’s Bay broker Guy Johnston.
The worldwide cinema industry is booming, and Focal Point Hastings is no exception in trading well ahead of pre-Covid levels and forecasts.
Boasting a loyal customer base with room to expand, this is a great opportunity to purchase a successful business that has been operating for over 75 years, 10 years under the current owner.
It is a business suited to both investors and owners. It performs as a standalone business but is a great fit for an existing cinema operator or a portfolio looking for a recession-proof asset.
With the cost of establishing new sites soaring, the barriers to entry are high which underpins the value of this location.
Further, Hawke’s Bay is increasingly becoming the region of choice for New Zealanders, expats and migrants to move to.
Focal Point Cinema is priced at $1.3 million.