Movie World, Wet’n’Wild theme parks in $100m land sale
Gold Coast theme park owner and Village Roadshow has made the surprise decision sell the land that is home to its iconic Warner Bros. Movie World and Wet’n’Wild theme parks.
In a stunning development, the entertainment giant plans has put a price tag of around $100 million on the 154ha tract of land that has been the long-term home of the two famous theme parks, as well as its Paradise Country and Australian Outback Spectacular attractions and Village Roadshow Studios.
As part of any deal, Village Roadshow will lease the land back and continue operating the parks for at least the next 30 years, with six further options of 10 years each meaning the theme parks could remain in place until the year 2108 and beyond.
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In a statement, Village Roadshow Theme Parks CEO Clark Kirby says the company plans to remain on the Gold Coast long-term, with Australia’s first TopGolf venue currently under construction on the site, while development approval is in place for a nine-storey hotel.
“We are committed to our Theme Parks business, with the DC Rivals HyperCoaster, the longest, highest and fastest rollercoaster in the Southern Hemisphere opening soon at Warner Bros. Movie World, and Topgolf under construction,” Kirby says.
“This sale and leaseback will unlock the value in these land assets, allowing VRL to pay down debt and free up capital for growth initiatives such as Topgolf.”
Colliers International’s John Marasco, Simon Beirne and Darrell Irwin of Colliers International are marketing the site and handling the international expressions of interest campaign.
Marasco says the opportunity to buy land of this scale, and with a theme park as tenant, is exceedingly rare.
“There is nothing like this investment opportunity currently available in Australia. We expect interest from institutions, trusts and high net worth individuals worldwide, and are expecting offers in the region of $100 million.
“Village Roadshow Theme Parks is Australia’s leading theme park developer and owner. This is evident as their parks and attractions draw over five million local and overseas visitors annually.”
“The offer is for a substantial landholding with an experienced operator in the midst of strong underlying economic, population and tourist growth projections for the region.”
The sales campaign closes on October 26.