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Institutional Grade Sector
Melbourne’s Coburg Drive-In has been sold for $12.5 million. But the big screens at the 8.1ha Coburg North site are set to continue entertaining movie fans for years to come. As announced by selling agents JLL when the property was offered for sale in September 2018, vendor Village Roadshow Theatres Pty Ltd will lease back the site for an initial 10-year term on a triple-net basis. JLL’s Tony Iuliano and Adrian Rowse negotiated the deal on behalf of Charter Keck Cramer, which acted as property and transaction adviser to Village Roadshow. The initial yield is 4.8 per cent.
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