One of the last remaining operational drive-in cinemas in Melbourne has sold for a simply staggering sum of $12.5 million, exceeding initial price estimates by well over $1 million.
The Coburg Drive-In sits on a 8.17-hectare stretch of land in Melbourne’s north, and has operated as a drive-in cinema almost continuously since 1965.
[jwplayer IKDQFB8A]
However its previous owners, Village Roadshow Theatres, made the decision to seek buyers for the property, described as being the last “essentially undeveloped” expanse of land in the inner-north of Melbourne by real estate agents, meaning the sale attracted reasonable attention from big-eyed developers.
That buyer, property group Charter Hall, swooped on the site for the princely sum, going far above initial estimates that suggested the site could fetch a sum of around $11 million.
While in the long-term this is not the greatest news for the future of the site, particularly as far as people keen to roll the wagon down the hill and have themselves a nice time in a big car park, there’s good news as far as the site’s short-term future is concerned.
The sale of the cinema contains a proviso that will see Charter Hall lease the property back to Village who will continue to operate the drive-in as normal for at least the next 10 years.
The site has a heritage overlay, with the Victorian Heritage Register labelling it “of historical significance as a reflection of the mid-twentieth century rise of the influence of the car on Victorian society and culture. Along with motels, service stations and other places and urban forms associated with the rise in private car ownership, surviving drive-ins are significant for their association with the development of a car culture in Victoria during this period.”
At the trend’s peak, around 60 drive-in cinemas operated in Victoria, but now that number sits at just 3, making the preservation of the Coburg Drive-In doubly significant.
As for its future long-term, Charter Hall boss David Harrison rather ominously remarked that purchasing the property “unlocks potential higher and better use options in the longer term.” So read into that what you will.
But for now, and at least the next 10 years, there’s plenty of flicks to be seen from the comfort of your own car.
Get in while you can, we guess.
