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News release

Perth

Grand Cinemas Warwick for sale with a multi-million dollar refurbishment and a new eleven-year lease to one of WA’s most experienced cinema operators

Established cinema operator re-commits to nine screen cinema complex


​PERTH, 24 October, 2013 – A northern suburb investment opportunity with an attractive long-term lease has hit the market with exclusive selling agents Jones Lang LaSalle appointed to sell Grand Cinemas Warwick located 639 Beach Road through an Offers to Purchase campaign.

Grand Cinemas Warwick is situated within the Warwick Entertainment Centre, a two level strata building adjacent to Centro Warwick Shopping Centre, 13 kilometres north of the Perth CBD. 

The property, located on the north eastern corner of Beach Road and Dorchester Avenue, is fully leased to Grand Theatre Company, one of Australia’s oldest independent cinema operators, until March 2025. The tenancy generates a current net passing income of approximately $1.16m per year.

Jones Lang LaSalle’s Director, Sales and Investments WA, Tom Nattrass said the site comprises one third of the Warwick Entertainment Centre. The property includes a ground floor entry and foyer incorporating a ticket booth and candy bar, and central hall providing access to the cinemas. 

”The lessee is currently undertaking a multi-million dollar refurbishment of the Cinema’s interior. This includes the full refurbishment of eight cinemas and the foyer. Once complete, Grand Cinemas Warwick will provide nine auditoria including two “Gold Class” auditoria, one Megastadium and a total seating of 1,637,” said Mr Nattrass.

Grand Theatre Company was formed in 1928 as a family business and remains WA owned and focussed. “The company manages six cinema complexes in WA, and by agreeing to the new lease and refurbishment has given a strong re-commitment to Grand Cinemas Warwick and the cinema industry” he said.

“Given the multi-million dollar refurbishment and the new 11 year lease to one of WA’s most experienced cinema operators, we have received strong interest in this asset from local private investors and syndicates.”

According to Screen Australia, Perth has one of the highest cinema attendance rates in the country.

Offers to Purchase close at 2.00pm (WST) on Tuesday 5 November 2013.