1960s suburban Melbourne, Coburg drive-in theatre sold for $12.5 million

A 50 year old suburban Melbourne drive-in theatre - one of the last - has been sold for around $12.5 million, exceeding its price expectations of $11 million-plus.

Coburg Drive-In located at 155 Newlands Road, Coburg North is a 8.16ha site.

The owner of the drive-in — Village Roadshow Theatres Pty Ltd, a subsidiary of the ASX-listed Village Roadshow Limited — will lease it back for an initial 10-year term on a triple-net basis.

It has been bought by Charter Hall.

The site was marketed as "the last essentially undeveloped parcel of significant scale in Melbourne’s inner north.”

Located on Newlands Road, Coburg North, the drive-in has been operating since 1965 and has three screens — one each on the south-western, north-western and north-eastern points of the site.

At 33m wide each and overlooking an asphalt viewing area of 36,000sqm, the screens are up for debate as the biggest in the southern hemisphere.

A single-level retro-style diner and children’s playground are located centrally and the drive-in's ticket booth — topped by an old yellow Holden — is a local landmark.

Victorian Heritage describes it as “one of three (drive-ins) that remain in operation in Victoria out of approximately 60 at the height of drive-in popularity”.