The iconic Coburg Drive-in is up for sale
For families and couples in Melbourne’s north, trips to the Coburg Drive-in have been a rite of passage on Friday and Saturday nights for more than 50 years.
And now those with a bit of coin in their pocket and an eye for the future can buy their own major piece of nostalgia, with the entire drive-in now on the market.
But moviegoers need not fear – the iconic evening attraction, which opened in 1965, will remain a cinema destination for at least the next 10 years, with current owner Village Cinemas to lease the property back from whoever buys it.
Commercial Insights: Subscribe to receive the latest news and updates
The popular drive-in – the largest in the Southern Hemisphere – is tipped to attract significant interest from developers and land bankers, with the underlying 8.1ha of land potentially a gold mine for development in future years.
The site at 155 Newlands Rd, 11km from Melbourne’s CBD, has three screens and a traditional candy shop, with 670sqm of buildings on the property.
It returns $597,000 in annual rent, with 3% annual increases.
Once sold, the site will be subject to a guaranteed 10-year triple net leaseback to Village Cinemas.
The drive-in is being marketed by JLL’s Adrian Rowse, Brad Elder and Tony Iuliano, who have not disclosed a potential price guide for the property.