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Village Roadshow looks to sell Gold Coast theme park land
Village Roadshow has announced plans to sell the 154 hectare parcel of land at Oxenford on the Gold Coast on which its Warner Bros. Movie World, Wet'n'Wild Gold Coast, Australian Outback Spectacular and Paradise Country sit.
The site is also home to the Village Roadshow Studios film production facilities.
The sale is expected to raise at least $100 million to cut the company’s debt.
The Melbourne-based company has been under pressure to cut its debt via asset sales following a difficult year, which saw it announce a $66.7 million loss after a $15.7 million profit the previous year.
Village’s profit was hit hard by the tragedy at Dreamworld last year, which caused a sharp drop in visitor numbers and earnings at its theme parks.
Last month, Village co-Chief Executive Graham Burke called last financial year its “annus horribilis”.
However, amid headlines that that sale means a scaling back of Village’s theme park operations, Village Roadshow Chief Executive Clark Kirby said the land sale did not mean the company was backing away from investing in its theme parks, explaining “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 Movie World and Topgolf under construction.
“This sale and leaseback will unlock value in these land assets, allowing Village to pay down debt and free up capital for growth initiatives such as Topgolf.”
The company said it hoped to finalise a sale by the end of the year and have an agreement in place with the buyer to lease back the land for 30 years, paying $6.2 million in annual rent.
Its other terms included six 10-year options, meaning a total leasing period of 90 years.
Colliers International’s John Marasco, who is marketing the property with colleagues Simon Beirne and Darrell Irwin, said he expected strong interest from institutions, trusts and high-net worth individuals, explaining “there is nothing like this investment opportunity currently available in Australia.
“Village Roadshow Theme Parks is Australia’s leading theme park developer and owner.
“This is evident as their parks and attractions draw more than five million local and overseas visitors annually.”
Village’s other Gold Coast theme park, Sea World, is on land leased from the Crown, with a 99-year lease running to at least 2057.
Village’s plans to open a Topgolf attraction (scheduled for min next year) and a nine-storey hotel and surrounding entertainment precinct at the Oxenford site would be unaffected by the land sale.
Images: Wild Wild West at Warner Bros. Movie World (top) and Clark Kirby (below).
24th August 2017 - VILLAGE ROADSHOW AIMS FOR NEW ATTRACTIONS TO LIFT THEME PARKS PERFORMANCE
23rd August 2017 - QUEENSLAND TO IMPLEMENT NEW SAFETY LAWS FOLLOWING DREAMWORLD TRAGEDY REPORT
11th July 2017 - CINEMA CHAINS DISCOUNT TICKET PRICES IN STAGNANT MARKET
28th April 2017 - VILLAGE ROADSHOW RESULTS HIT BY DOWNTURN IN THEME PARK VISITS
14th March 2017 - VILLAGE ROADSHOW THEME PARKS HIGHLIGHTS SAFETY AND MAINTENANCE SYSTEMS
13th March 2017 - PARKZ WEBSITE LAUNCHES SUPPORT OUR THEME PARKS CAMPAIGN
22nd February 2017 - VILLAGE ROADSHOW THEME PARKS EXPERIENCE SUMMER TRADING DECLINE
6th February 2017 - WET’N'WILD GOLD COAST LAUNCHES ALL TERRAIN DRIVING ADVENTURE
17th December 2016 - SAFETY INSPECTIONS COMPLETE AT VILLAGE ROADSHOW THEME PARKS
20th November 2016 - GOLD COAST THEME PARKS HIT BY SAFETY FEARS
19th November 2016 - MOVIE WORLD AND SEA WORLD WIN IAAPA ‘BRASS RING’ MERCHANDISE AWARDS
18th October 2016 - WET’N'WILD SYDNEY TO INSTALL ACCESSO’S QUEUING SOLUTION TECHNOLOGY
15th September 2016 - THEME PARKS AND CINEMAS PERFORM BUT VILLAGE ROADSHOW PROFITS DIP
3rd June 2016 - WARNER BROS. MOVIE WORLD CELEBRATES 25 YEARS OF MOVIE MAGIC
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