A Sale which saves Boxing Day
Kyogle’s iconic Cinema and 19th century cinematography collection has now sold
The iconic Cinema in Kyogle, northern New South Wales, was on the market this year waiting for a new Owner to take over.
After the passing of Stuart Everett, who was running the Business for more than 40 years, his family members took turns in looking after this exclusive Business. Everett, who was a cinema lover, purchased equipment all over the world and brought it back to Australia.
His collection is Australia’s largest and oldest selection of cinematography equipment, “including one of only three 1905 Pathé machines in the world.”*
Business Broker Belinda Packer, who assisted the family throughout the Selling Process was looking for a Buyer who would be interested in a rare cine opportunity like this and enjoy the slow-paced lifestyle in Kyogle. The complete Selling Process lasted nearly a year, nevertheless the final sold price of $670,000 after negotiating from $695,000 is an outstanding achievement: “Not many Business Brokers could have achieved this result for the clients.” – stated Benchmark Business Sales Principal Bruce Coudrey.
The cinema itself consists three cinema screens, with a new fit out, which includes red carpet, digital projectors and comfortable seating options and shows the latest movies. Although, considering the type of Business and the location, Business Broker Belinda Packer developed a sales strategy tailored to a very niche market: “I listed the business in a newsletter that was sent out to the Cinema database of Australia. Through this the buyer was sent a link with the advert and that is how the buyer found out about the cinema.”
The Buyer has been in the movie production industry previously and was over the moon with the set up and the possibility of making his hobby as a film maker a reality. After finding the right buyer the Settlement process was fairly straight forward. The only issue was the building inspection – as the building has been approved by the Council many years ago under the fire safety compliance standards at that time. After a bit of back and forth the Council accepted the fact that the occupancy certificate was adequate for the building to comply.
Karen, the sister in-law, who was the main family member during the Sales Process expressed her gratitude over the Settlement:
‘Oh my god, I can’t believe it is sold. I am going to be able to have boxing day this year at home with the family. Thank you so much Belinda’.
(written by Alexandra Kmita)