Cinema deal to inject new life into Cronulla

TWO experienced real estate agents from the Sutherland Shire who were involved with the off-market negotiations to secure a lease deal which will see Hoyts inject $6,000,000 into the refurbishment of the iconic Cronulla Theatre say it’s the “best news ever” for the area.

Ray White Commercial NSW Greater Sydney South Director’s Charlie Yankos and Brad Lord have lived in the Sutherland Shire for more than 30 years.

“This deal is the best news for Cronulla retail in the past five years with many shops struggling in recent times to make money. In fact, it’s probably the highest retail vacancy rates we’ve seen in our time living in the area,” Mr Yankos said.

The pair were instrumental in securing Hoyts to commit to a lease over the historic cinema with plans for a $6,000,000 refurbishment.

Mr Lord said the refurbishment has the potential to change sentiment of Cronulla’s high street retail and re-invigorate the food and entertainment precinct surrounding the cinema.

“We’re confident this will bring people back to Cronulla with the proposed premium cinema experience away from the chaotic Westfield Miranda,” Mr Lord said.

The Cronulla Chamber of Commerce echoed the agents’ thoughts with Treasurer Annette Tasker saying this would inject “a positive stimulus into the local economy”.

“The Cronulla Chamber of Commerce is delighted to hear the heritage cinema complex will be reinvigorated for the first time since its rebuild in the late 1990s,” said Ms Tasker, of Cronulla-based Alt Tax + Accounting.

“Further, this will be complemented by the planned plaza upgrade, which is well underway.

“Local cafes, retailers and restaurants look forward to a general uplift in the physical appearance of the Cronulla CBD, that will complement the needs of a modern culture of meeting places and social gathering destinations.

“Cronulla’s unique natural beauty of the beaches and bays will be further enhanced by this exciting development.”

Ray White Commercial Head of Research Vanessa Rader said the Cronulla Mall had been through change in recent years with some churn in tenancies changing the face of the retail mix.

“However the investment by Hoyts and its refurbishment on the prime position on the corner of The Kingsway and Cronulla Street Mall is likely to revitalise this location, which is the gateway to North Cronulla Beach, and will be key to attracting new food and entertainment tenancies,” Ms Rader said.

“New developments in the area have already aided in improving vibrancy to both the day and night Cronulla economy.”