Village Rialto Cinema’s new lease and upgrade
11 November 2004
National announces Village Rialto Cinema’s new lease and upgrade’
The National Property Trust (National) advises that it has secured Village Rialto Cinemas (Rialto) for a new 20 year term tenancy at the Rialto Centre Newmarket. Rialto will lease an area representing 24% of the total available space cementing its position as an important anchor tenant in the Rialto Centre.
Rialto and National will upgrade the existing five cinema complex to a modern standard and add two more cinemas. The upgrade will include a repositioned and refurbished foyer, new café and concession area, new auditorium seating, new floor coverings, toilet facilities, sound insulation upgraded to a high industry standard and a general refurbishment throughout the premises.
National intends to spend approximately $2.4 million on refurbishment and Village Rialto will refit the cinemas including new seating and enlarged concessions/ticketing foyer.
“We are very pleased that Rialto has endorsed the importance of the existing cinema location and with its commitment to upgrade the cinemas to a high standard. Securing this relationship well into the future will give confidence to the existing Rialto Centre tenants all of whom will benefit from the anticipated increased foot traffic.
The significance of signing both Village Rialto Cinema’s and Supre as anchor tenants for the Rialto Centre will be realised in coming years as the cash flow benefits arise” said Mr Dallimore, Executive Chairman.
Work has already begun on re-mixing the Rialto Centre upper level tenants to accommodate the proposed changes.
Construction is due to commence in February 2005.