Cinebar owners secure 15-year lease at Ferny Grove Central
Article location: Courier Mail Business Online.
An independent boutique cinema is defying tough times in the industry and has secured their second Brisbane full service movie theatre. The owners of Blue Room in Rosalie will bring their cinema magic to a mixed-used lifestyle centre, Ferny Grove Central, which will be completed in 2023. Rebranded as Cinebar, they have a 15-year lease on a 2100sq m space at Honeycombes Property Group and MaxCap Group’s $140 million development.
Cinebar co-owner David Taylor said they had been in discussions for a couple of years. “It was doing our head in because there were pressures coming at us from all sides. Cinemas were shutting down, streaming was seemingly taking over the world and distributors were creating their own platforms,” he said. “So you had to have balls of steel to say yes but we all discussed it and usually the consensus of the group is a good one … so it’s a great opportunity.”
They will create a fully licensed venue with luxury recliner seats and tables with in-seat waiter service. The combined cinema, bar and restaurant will have seating for 416 people across six screens.
They will join Goodlife Health Clubs and a Goodstart Early Learning childcare centre in the retail hub along with Woolworths and Dan Murphys in the residential and retail development adjacent to Ferny Grove railway station.
The Blue Room in Rosalie in Brisbane’s inner west, started in 2005 with two screens at a time when the digital age was in full swing and last year they had to cope with the Covid-19 pandemic. However, they grew to five screens through an extensive expansion and refurbishment program integrating the Thai Terrace restaurant into the complex.
Mr Taylor said Cinebar Ferny Grove will be a reflection “of the lessons we’ve learned over the years”.
“Because it’s greenfield it’s an amazing opportunity to do all the things there that we’ve been slowly incorporating into Rosalie,” he said.
“The unique thing about us is that we are the only cinema in Brisbane which offers total full service — kitchen and waiters.”
JLL’s Taylor Macri, who struck the deals said Ferny Grove Central was proving popular with quality tenants looking for projects that cater to local communities as the work-from-home trend continues to dominate. “We have seen a massive uptake in leasing activity post Covid across suburban centres like Ferny Grove,” said Mr Macri who has teamed with JLL’s Cameron Taudevin.
“Many people are still working from home and-or part time and this has allowed tenants in these developments and centres to experience a significant increase in turnover. “Local and national groups are also expanding their footprint by relocating to Ferny Grove Central and future-proofing their businesses by capitalising on this growth.”
Goodlife Health Clubs has a 10-year lease with six five-year options on 1800sqm across two levels of the mixed-use development where it will offer a full suite of health and fitness activities. The 24/7 offer will provide a state of the art facility with weights, cardio equipment, functional training zones, cycle studio and child minding.
Goodstart Early Learning has taken a 15-year lease on 1802sq m in level one of the development, including internal and external areas, where it plans to provide early learning and care for children aged six weeks to six years.