_Hobart cinema sells for $33m

Despite the recent rise of online streaming services like Netflix there’s still a strong demand for the big screen, as proved by the recent sale of a central Hobart cinema. Having purchased the Village Cinema complex for $16 million only seven years ago, Kalis Cinema Complex Pty Ltd has just sold the site for $33 million – an outstanding result for a seven-year investment. 

Centrally located at 179-183 Collins Street, the 600sqm building is leased by Village Cinemas, which operates seven cinemas at the site. Colony 47 and Zone 3 laser tag also lease property within the complex, which also includes 428 bay multi-deck car park. 

Since the opening of the Mona museum, we’ve noticed a remarkable turnaround in Hobart’s property market. Investors, both within Australia and offshore, have taken a new interest in Hobart, with the Village Cinema Complex being just one in a spate of recent big sales in the city. Other notable sales of late include the UTAS sale of the Conservatorium of Music for circa $12 million and the $9.8 million purchase of the former Goodyear site at 62-66 Argyle Street.

For any investors looking to explore their options in Hobart or owners looking to take advantage of the growing investor interest, feel free to get in touch.