Cinema owner spends $24.5m to expand Hawthorn holding
Cinema owner Eddie Tamir has paid $24.5 million for the Coles Hawthorn freehold.
With the deal, the businessman controls five adjoining Glenferrie Road properties, covering 3836 square metres, zoned Commercial 1.
This includes the multi-storey ex-Glenferrie Theatre, on 1437 sqm at #673-681, which cost $15m in August, 2010, and is now fit out with eight screens, including on the rooftop, operated by the executive’s Lido Cinemas chain.
In mid-2019, Mr Tamir outlaid $10.2m for a trio of adjoining shops covering 947 sqm – #683, leased to a jeweller, #685, tenanted by a mobile repair shop and #687 – a distinctive, double storey ANZ bank.
Like those assets, the Coles Hawthorn at #689-699 will be retained as an investment; it was acquired with a 20-plus year lease.
Record low yield
The price paid by Mr Tamir for the supermarket reflected a 1.9 per cent yield, the lowest recorded for an Australian property of this type (story continues below).
The executive, also the Jewish International Film Festival director, was unavailable to comment about any longer-term plans for the amalgamation, in Hawthorn’s exclusive Grace Park precinct, purchased by the entity Lido Centre Pty Ltd.
Emmetts’ Charles Emmett, who brokered the off-market Coles Hawthorn sale, declined to speak about any part of it.
Tightly held precinct
The purchase comes three years since the Zagame family outlaid c$63.8m, in separate deals weeks apart to acquire two Hawthorn assets abutting a couple more it owned.
Following that off-market acquisition the landlord, developer and investor controls an 8189 sqm L-shaped block (including an office at 2 Luton Lane, right), not far from Mr Tamir’s holdings.
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