A Melbourne cultural institution, Village Roadshow's Coburg drive-in in the city's inner north is on the market with expectations it will fetch $11 million or more.
And while the 8.2 hectare metre site on Newlands Road represents a prime redevelopment opportunity, the show is not over quite yet, with the owner, a subsidiary of the ASX-listed Village Roadshow, offering it as a sale-and-leaseback deal with an initial 10 year period.
Why on earth is 82000m2 only worth $11M?
Thay is insane. That is 164 housing lots at 500m2 if each lot of land in coburg is worrh $500k that is already $82M.
WTF why sell short so little.
I rather these guys develop the lane for mixed commercial.
Do a roof top cinema and office below. Have some innovation don't squander your opportunities.
