An iconic Art Deco cinema complex, housed in an original 1930s character building in Hastings, has been placed on the market for sale.
The two-storey building at 126 Heretaunga Street East, just minutes from the Hastings CBD, is home to the only movie theatre in town - the Focal Point Cinema.
The cinema includes three state of the art movie theatres with a total capacity of 428 people and a fully licensed café.
The freehold property is being sold with Bayleys by way of a private treaty closing on Thursday May 21.
Bayleys Hawke’s Bay commercial and industrial salesperson Rollo Vavasour said the new owner will inherit the result of lengthy and far-reaching renovations that have transformed the 1,583sqm building into what is now considered the Hawke’s Bay’s most iconic entertainment venue.
“All of the hard work and financial investment has been done, leaving the finished product ready for the new owner to reap the rewards,” Mr Vavasour said.
“People come from all over the Hawke’s Bay to sit down in the comfort of this boutique cinema, popcorn and choc-top in hand, and watch the latest movies.”
In May last year the cinema opened following major restoration work including earthquake strengthening, the addition of new tiered seating, an upgrade of the building façade, new floor coverings, acoustic wall linings, and the reconfiguration of the ground floor foyer, café and kitchen.
The current tenants successfully operate two other award-winning cinemas in Feilding and Levin. At an annual rent of $210,000, they are almost three years into a 10-year lease that is to be followed by three rights of renewal of five years each.
“Customer reviews on the popular global tourist and hospitality website TripAdvisor are exceedingly positive and testament to the fantastic job done by the current tenants,” Mr Vavasour said.
“Focal Point Cinema received a TripAdvisor Certificate of Excellence in 2014, an impressive achievement for its first year of operation.”
The cinema offers 85 movie sessions per week of main stream, art house and international films.
Under the Hastings District Council Proposed District Plan Operative the building is zoned central commercial and lies in the central character precinct. Its current use as a cinema is permitted in this zone.
The original building is estimated to have been constructed in 1934 and underwent substantial refurbishments, including the extension of the second floor to the front portion of the building, in 1994.
The most recent work concluded in 2014 and has seen the interior decked out in plush 1920s décor, typical of the Hawke’s Bay Art Deco scene.