GYMPIE Cinemas has been bought by a family based in Brisbane and regional Queensland for $900,000 following successful post-auction negotiations at Lot 3, 82 Monkland Street.
The asset, that came with a 608sq m* building area, had a highly-experienced tenant with the owner being the original developers of the cinema.
The property was marketed and sold by Ray White Commercial Noosa and Sunshine Coast Property Consultants Louisa Blennerhassett and Matt Marenko, in conjunction with Ray White Rural Gympie Property Salesperson Richard Murray.
Ms Blennerhassett said the auction attracted strong interest from South East Queensland and further afield.
“The Cinemas complex was on the market for the first time in nearly 30 years and sold two days post-auction at an 8.8 per cent yield, an excellent result for the Gympie commercial market,” she said.
“Quality investments are highly sought-after in the current market. Regional investments are improving in popularity due to the tight supply and compressing yields in metropolitan areas.
“Our interest came from Brisbane, Sunshine Coast and further afield and the price point represented a position that appeals to investors, especially in the self-managed super fund space.”
Mr Murray said the complex was the only cinema complex in Gympie and there were no plans for new competitors currently underway.
“Testament to the success of the business was a new five-year lease plus five-year option with a highly experienced operator, with the lease having a current net return of $79,374 p.a. + outgoings + GST,” he said.
“Gympie is showing strong growth as a region in itself, with continuing improving connectivity to the Sunshine Coast and beyond.
“It’s rare to have the opportunity to purchase a cinema complex and this property certainly offered something outside the box to a typical commercial investment.”