Curtains close: Kirby family sell Sorrento cinemas

It is the end of an era in cinema ownership circles, with Village Roadshow founders and owners the Kirby family disposing of two picture theatres, including a historic ex-hall in Sorrento which it controlled for more than 70 years.
Nanjing Night Net

The dynasty is understood to be banking more than $10 million for the assets, occupied long-term by the entertainment giant, and offered to investors with leasebacks of 10 years with options.

About 91 kilometres south of the CBD, the Sorrento complex at 26-36 Ocean Beach Road was built by Isaac Bensilum in 1894 as the Athenaeum Hall, where it hosted artists performing while on holidays.

On a 1120 square-metre block, the asset with three show screens was offered as an investment returning starting annual rent of $235,186.

A little closer to town in Rosebud, also on the Mornington Peninsula, a five-screen cinema capable of accommodating almost 800 moviegoers, has also found a buyer. Some 75 kilometres from the CBD, on a 2800 square-metre plot at 30 Rosebud Parade, behind a row of shops on Nepean Highway, this asset returns a net yearly income of $278,805.

CBRE’s Rorey James, Justin Dowers, Kevin Tong and Nic Hage marketed the sites.

In September, it was reported Village Roadshow would bank about $100 million selling (on a leaseback) Gold Coast theme parks: Warner Bros Movie World, Wet ‘n’ Wild Gold Coast, Paradise Country and Village Roadshow Studios.

YCH lists another ex-hostel

Yarra Community Housing is offloading another prime inner-city holding, this time in Fitzroy North.

The 11-bedroom former hostel at 5 Michael Street is expected to sell for between $2.5 million and $2.75 million following a campaign by Jellis Craig’s Bev Adams and Peter Batrouney.

Marketed as a grand renovation rescue prospect, in a prestige location, the wide Victorian occupies a 356 square-metre plot near the Queens Parade shopping village.

Earlier this year an investor who in 2015 paid YCH $4.8 million for another historic double-storey at 34-36 Nicholson Street, Fitzroy, applied to build a 10-storey, 72-unit apartment complex, behind the facade.

Donvale investor keeps $9m in the neighbourhood

A Donvale resident who inspected an investment property in his suburb 48 hours before an auction scheduled yesterday outmuscled four serious groups to snare it for $8.95 million.

The 4800 square-metre landholding at 77-79 Mitcham Road, configured with a 7-Eleven service station and a car wash, returns annual rent of $382,547 and is changing hands on a 4.27 per cent yield.

With 73 metres frontage to the road where an estimated 23,000 cars a day pass, and less than a kilometre from the Eastlink motorway, the property also was marketed for its medium-term redevelopment potential.

CVA managing director Ian Angelico sold the site before a large crowd for $400,000 over reserve.

Developers circling Pompei’s famous boat shed

The historic Mordialloc property known as Pompei’s Boat Shed – for years operated by late angler and boat builder, Jack Pompei OAM, is said to be in post-auction negotiations with a handful of the developers who watched it pass in last week.

The spectacularly located 973 square-metre holding, abutting council land and the Mordialloc Creek, was listed last month with vacant possession – ending a family association with the site which began in the 1930s.

Jack became a custodian of the Mordialloc Creek, once joking it was so clean fish would develop tears in their eyes as they swam it.

It was from this workshop that the angler, who couldn’t swim, set out to rescue hundreds of distressed Port Phillip Bay users (when Victoria’s Water Police was established in the 1970s, Jack was made an honorary member).

The property is opposite a statue and bridge named after the local celebrity.

The boat business, now run by Jack’s family, has agreed to sign a short-term leaseback on the building upon any sale.

The campaign for 557-561 Main Street, run by Teska Carson’s George Takis and Michael Taylor, was said to have piqued the interest of numerous developers. It is expected to sell for more than $3 million and make way for a three-level building, likely with shop-top apartments.

Mattioli Group offloads Balwyn office for $7.6m

Another office investment in a blue-ribbon Melbourne suburb is selling on a low yield.

In Balwyn, the Mattioli Group is banking $7.55 million from the sale of a new four-level complex on the corner of Balwyn and Belmore roads. At the edge of a retail strip, the 838 square-metre building is configured with three shops on ground level and basement car parking.

Based on the building’s annual rental return of just under $350,000, it is changing hands on a 4.4 per cent yield.

Vinci Carbone director Frank Vinci said the asset still offers depreciation benefits. He said the campaign attracted a mix of more than 80 local and international private investors and syndicates.

The deal comes a week after the Bloom family, founders of the Portmans retail chain, sold a double-storey retail and office complex at 131-133 Glenferrie Road, Malvern, for $7.85 million, against a $6.5 million guide price.

In Hawthorn, local developer Benson Property Group has applied to build a five-level apartment complex on the site of a low-rise Burwood Road office which it bought for $10.5 million earlier this year.

Burgundy Plaza sells on 1.75% yield

A local Chinese syndicate fended off more than 25 groups, said to have included hardware giant Bunnings, to secure Heidelberg’s Burgundy Plaza at auction for $14.4 million.

The purchase price – $4 million over the reserve – puts the transaction’s yield at a low 1.75 per cent.

With 11 ground level shops and upstairs offices, the complex at 101-111 Burgundy Street sits on a 2520 square-metre Commercial 1 zoned site with a 31-bay car park.

On a corner block, the centre was marketed for its redevelopment potential – the agents suggesting the airspace could make way for an approximate 10-storey tower in the longer term.

CBRE marketing agent Mark Wizel said that to receive more than 25 offers totalling more than $220 million for a strata retail asset “with limited immediate development potential in a suburb with a median house price of only $760,000 four years ago suggests growing demand from buyers looking to secure landholdings with long-term future development underpinned by nearby employment options, retail and transport amenity”.

The site was marketed with colleagues Lewis Tong, Nathan Mufale and JJ Heng with Miles Real Estate’s Paul Evans and Tim Mitchell.

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