Cinema centre sale to bring up to $14m

ALBURY’S cinema centre could fetch up to $14 million after it was placed on the market.

The Dean Street landmark has been owned by the Cromwell Property Group for almost a decade.

The property trust owns a cinema centre at Geelong which is also for sale and expected to attract the same price tag as the Albury building.

Both were acquired by Cromwell in June 2004 and will be sold via an expressions of interest process closing May 8.

Cromwell paid almost $10 million for the Albury property.

The Regent Cinema was constructed in the art deco era in 1926 and has undergone two expansions in 1998 and 2004.

It has nine cinemas and seven retail tenancies including La Porchetta restaurant and Intencity.

A lease with Village Cinema expires in 2019 with the option of a further 15-year term.

Tony Smith has been the long-time cinema operator and a former owner of the building.

The cinema centre occupies almost 3000 square metres on the corner of Dean and David streets.

It is the only major cinema centre within a 65-kilometre radius of Albury.

Plans to establish a cinema on the Wodonga Council-owned car park in Hovell Street in 2007 were abandoned after a resident backlash.

A cinema has been mooted as part of an entertainment precinct on the former railway land in central Wodonga.

Junction Place developer Places Victoria confirmed this week it was negotiating with two interested parties for the proposed entertainment precinct.

The Albury and Geelong cinema building sales were being handled by CBRE with agent Justin Clarkson confirming the anticipated selling price of $14 million.

“These properties form part of the social fabric of Geelong and Albury,” agent Justin Clarkson said.

“These iconic buildings also benefit from a central location in the heart of their respective retail and commercial centres.”

He said attractive yields and rental growth were likely to be key selling factors for both properties.

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