Village Roadshow Limited are proposing the sale and long term leaseback of 154 hectares of land on the Gold coast.
Village Roadshow Limited is expecting offers in the region of $100 million, according to a statement.
The Gold Coast site houses Warner Bros. Movie World, Wet’n’Wild Gold Coast, Paradise Country, Australian Outback Spectacular, and Village Roadshow Studios. Australia’s first Topgolf venue is also under construction at the site, and development approval is in place for a nine storey hotel.
The site is being sold by Colliers International. It will be marketed nationally and throughout Asia. International expressions of interest will close on 26 October 2017. The company expects a sale to be completed by the end of the year.
Proceeds of the sale will be used to reduce Village Roadshow’s debt levels.
VRTP Chief Executive Officer, Clark Kirby, said “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 Warner Bros. Movie World, and Topgolf under construction.”
“This sale and leaseback will unlock the value in these land assets, allowing VRL to pay
down debt and free up capital for growth initiatives such as Topgolf.”
Colliers International Managing Director Capital Markets, John Marasco, said “There is
nothing like this investment opportunity currently available in Australia. We expect
interest from institutions, trusts and high net worth individuals worldwide, and are
expecting offers in the region of $100 million.”
“Village Roadshow Theme Parks is Australia’s leading theme park developer and owner.
This is evident as their parks and attractions draw over five million local and overseas
visitors annually.”
“The offer is for a substantial landholding with an experienced operator in the midst of
strong underlying economic, population and tourist growth projections for the region.”
Village Roadshow reported a $66.7 million loss for the year to June 30. Ardent Leisure, which operates Dreamworld, has also announced their intention to unlock value in excess land.
