An aerial photograph of the Gympie Cinemas complex in Monkland St.
An aerial photograph of the Gympie Cinemas complex in Monkland St. Contributed

Gympie business only one of its type in Oz for sale

DO YOU love the movies?

Well, here's you chance to own your very own twin screen cinema.

For the first time in nearly 30 years, Gympie Cinemas is on the market and is due to be auctioned at the end of next month.

And it's attracting a great deal of attention according to the agents for the sale - Ray White Commercial in Noosa and Ray White Rural in Gympie.

Chris Sun buys Gympie Cinema. Photo Renee Albrecht/Gympie Times
Chris Sun buys Gympie Cinema. Photo Renee Albrecht/Gympie Times Renee Albrecht

Louisa Blennerhassett from the Noosa office said this opportunity will attract both local and national investors.

"There is not another cinema complex available to buy anywhere else in the country, as far as I know,” she said.

"Quality investments are highly sought after in the current market.

"Regional investments are improving in popularity due to the tight supply and compressing yields in metropolitan areas.

"Gympie is showing strong growth as a region in itself, with continuing improving connectivity to the Sunshine Coast and beyond.

"It is incredibly rare to have the opportunity to purchase a cinema complex.

"This property certainly offers something outside the box to a typical commercial investment”.

Crowds queue for the Star Wars : The Force Awakens midnight screening at the Sovereign Cinema in Gympie.
Crowds queue for the Star Wars : The Force Awakens midnight screening at the Sovereign Cinema in Gympie. Donna Jones

Ms Blennerhassett said there have already been good enquiries both locally and further afield in south east Queensland, and someone has made a pre-auction offer on the property.

On paper, the Gympie Cinemas represent a low risk and high yielding investment opportunity to an astute investor, Ms Blennerhassett said.

On offer is a new five year lease plus five year option and the lease is currently returning $86,568 plus outgoings plus GST.

Ms Blennerhassett said the vendor chose to go to auction because of the uniqueness of the property - not having anything current or even recent to compare it to, to set a price-tag on the complex.

The property will be auctioned, on site on Monday, March 25 at 11am.

Sovereign cinema building, Monkland Street, Gympie. December 1, 2015.Photo Patrick Woods / Gympie Times
Sovereign cinema building, Monkland Street, Gympie. December 1, 2015.Photo Patrick Woods / Gympie Times Patrick Woods