Perry Street Cinemas
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Perry Street Cinemas
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The owners have issued us with instructions to reduce the price of the business to a ridiculously low $320K + SAV as well as offering risk mitigating rental concessions and Covid impact guarantees to take the risk away from the purchase. They are desperate to sell and move north to retire.
The last year or so has been a difficult one to say the least, with the town of Batemans Bay being no exception to this as a result of the bushfires and then the impact of the Covid pandemic. The cinema really felt the brunt of these two disasters and was in effect as good as closed for around a year. This means that there may be some hard work to be done for a short while to get things back up and running as it was. The current owners are preferring not to wait for this to happen and have decided to offer this fantastic opportunity to hasten their retirement.
The owners certainly didn’t sit around during the down time though, they set about renovating and replacing the fire and smoke damaged building and equipment. Approximately $700K was spent on these renovations and replacement of equipment alone. They are now back up and running with the future looking very promising.
This means you will be getting an opportunity of a lifetime to buy a renewed cinema for a fraction of its value and at a pittance of the replacement cost. To set the operation up from scratch would easily cost millions of dollars. IT WILL BE THE CURRENT OWNERS UNFORTUNATE LOSS BUT THE LUCKY BUYERS GAIN.
This is an exciting and unique business opportunity to independently own a highly profitable four screen compliant cinema complex that has well and truly stood the test of time. The current owners are only the fourth since the cinema opened way back in the 1920s and are retiring after nearly 20 years of highly profitable operations.
Located in the popular NSW South Coast holiday destination of Batemans Bay, the complex is ideally situated in the heart of the town’s CBD and on the main thoroughfare to the waterfront shops, cafes and restaurants. The face of Batemans Bay is now vibrant and growing. It has a relaxed coastal lifestyle in the recovering and booming south coast region. The new bridge at Batemans Bay will be open by Easter this year. While next year will see the completion of the local government arts & live theatre as well as the indoor & outdoor pool & gym complex. Numerous residential & resort complexes and commercial opportunities are being built and getting close to being finished.
Cinemas in NSW are now at 100% capacity and Dine & Discover Service NSW vouchers are being issued in NSW (4 x $25 for everyone over 18).Big Hollywood movie titles are starting to flow through again which will mean bigger crowds and turnover.
Key Features & Benefits:
* FIRST 3 MONTHS AT 50% RENT to help get you started – even though you will be getting a healthy income stream from day one.
* COVID RENTAL RISK GUARANTEE SUPPORT – If the government mandates restrictions on the capacity of the cinema then the rent for that period of time will be reduced to match the percentage reduction of the enforced patronage reduction
* Current owners are committed to fully train the new owners in all aspects of running the business. In fact, it is in their best interest to make the handover as successful as possible, they will be the landlord and reliant on you doing well!
* Recently completed upgrade of the premises and numerous items of cinema equipment to a value of over $700k
* On premise liquor license
* Long Lease will be offered
* Trades 7 days & 7 nights
* Long established and highly profitable business
* Fantastic location on the beautiful NSW South Coast
* Eurobodalla shire is currently experiencing a high rate of population growth which is expected to continue for years to come
* Only cinema complex in the area, with the closest competition being located in Ulladulla and Narooma
* Experienced and dedicated team of staff
* Owning this cinema complex would provide a proven secure cash flow to the purchaser
* Easy to run family business or could even be run under management – current owners have spent a lot of time traveling around Australia in the last few years and the business has still remained profitable
* Opportunity to buy the building from the current owners if and when you are ready.
**100% Return on Investment is based on the 2019 Financial Year adjusted net profits as calculated from the available accountant prepared Financial Statements and the asking price. This does NOT include outlay for the stock.
This is an exciting and unique business opportunity not to be missed. Make an enquiry TODAY or you might miss out!
For more information about this business please contact Michael Newham of Finn Business Sales on 0419 260 014 or email email@example.com
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