Village Roadshow sells Gold Coast land but theme parks to remain

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.

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