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Village Roadshow sells Gold Coast land but theme parks to remain

Village Roadshow sells Gold Coast land but theme parks to remain
December 22, 2017

Village Roadshow has sold the Oxenford site of its Warner Bros. Movie World, Wet'n'Wild Gold Coast and Australian Outback Spectacular attractions to super fund LGIAsuper for $100 million.

The acquisition through private equity firm Altis Property Partners is in the form of a sale-and-leaseback deal. With an initial lease term of 30 years, and options to renew the lease for a total of 90 years, Village Roadshow will pay annual starting rent of $6.2 million.

The 154 hectare site also incorporates Paradise Country, Village Roadshow's studio production facilities and a car park. It will soon host Australia's first TopGolf venue, an indoor golf theme park, while there is also development approval for a nine storey hotel.

The freehold estate was put up for sale in September as part of a strategy to reduce Village Roadshow's debt, allowing it to push ahead with its growth strategies.

Clark Kirby, Chief Executive of Village Roadshow Theme Parks explained “we are committed to our theme parks business.

"This sale and leaseback will unlock the value in these land assets, allowing Village to pay down debt and free up capital for growth initiatives such as Topgolf.”

LGIAsuper is the superannuation fund that manages the retirement savings of Queensland local government employees. It has $11 billion of funds under management. 

Image: The new DC Rivals HyperCoaster at Warner Bros. Movie World.

19th December 2017 - AWARD WINS FOR SEA WORLD RESORT AND SEA WORLD

6th December 2017 - VILLAGE ROADSHOW THEME PARKS CLOSES IN ON SALE OF 154 HECTARE OXENFORD SITE

29th November 2017 - VILLAGE ROADSHOW MOVES AWAY FROM LOW COST THEME PARK PASSES

9th October 2017 - AUSTRALIA’S FIRST TOPGOLF TO OPEN IN JUNE 2018

22nd September 2017 - WARNER BROS. MOVIE WORLD OPENS SOUTHERN HEMISPHERE’S LARGEST ROLLERCOASTER

19th September 2017 - VILLAGE ROADSHOW TO INSTALL ACCESSO PASSPORT TICKETING SUITE AT KEY ATTRACTIONS 

8th September 2017 - VILLAGE ROADSHOW LOOKS TO SELL GOLD COAST THEME PARK LAND 

5th June 2017 - WARNER BROS. MOVIE WORLD TO OPEN SOUTHERN HEMISPHERE’S LARGEST HYPERCOASTER

3rd June 2017 - GLOBAL THEME INDEX SHOWS MIXED ATTENDANCE TRENDS FOR THEME PARKS

28th April 2017 - VILLAGE ROADSHOW RESULTS HIT BY DOWNTURN IN THEME PARK VISITS

16th April 2017 - CONSULTING ENGINEER REBUTS AUSTRALIAN WOMEN’S WEEKLY RIDE SAFETY ‘INVESTIGATION’ 


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