Kirby family to sell Sorrento cinema after seven decades, but retain leaseback

The Kirby family, founder of cinema chain Village Roadshow, is selling its two Mornington Peninsula cinemas.

The market expectations are in excess of $10 million.

The offering included the historic 1894-built Sorrento cinema on Ocean Beach Road, which the Kirby family has owned for more than 70 years, and the more modern multi-screen complex in Rosebud.

The Sorrento cinema was originally called the Sorrento Athenaeum Hall - the home of travelling shows with performers appearing during the summer holidays. 

The larger Rosebud cinema is on a 2800 sq m site on Rosebud Parade with seating for 792 people across a five-screen cinema complex

CBRE has the listing with local agency Prentice Real Estate, with Charter Keck Cramer acting as transaction adviser. 

Village Roadshow was founded by the late Roc Kirby who turned a small family-run cinema business on the Mornington Peninsula into an entertainment giant, taking it public in 1989.

His sons Robert and John are on the board of Village Roadshow.

Both Mornington Peninsula cinemas are being offered for sale with 10-year lease terms to local cinema chain Peninsula Cinemas, which also has ties to the Kirby family.