Devonport’s Reading Cinemas complex is expected to sell for $5 to $6 million at an auction in Melbourne.

Halliwell Property real estate agent Alan Halliwell said the sale is “good news for Devonport’.

“It means there is strong interest in the area,’ he said.

Mr Halliwell also said it would be one of the highest sales made for the city.

Burgess Rawson, a Melbourne-based commercial agency, will hold the auction on December 11.

Burgess Rawson partner Raoul Holderhead said the sale is “unique’.

“The building itself is a little bit unique with the height and the actual cinemas itself,’ he said.

“It’s fully occupied; it’s been a long-proven crack of a commercial property.

“There’s hardly been a vacancy there at all, I think for 15-20 years.

“There’s lots to like about Devonport.’

The complex, beside Reading Cinemas, is home to the office of Liberal Senator Richard Colbeck and the Oriental Cafe, a Chinese restaurant.

Devonport Chamber of Commerce and Industry president Claire Connelly said the sale of the complex is a strong indicator of confidence in Devonport and the region.

“Transactions of this nature and scale don’t often occur,’ she said.

“And the sale of this property not only reflects confidence in our economic future but will likely drive future growth and has the potential to enhance our CBD creating new opportunities for local businesses.’

She said the long-standing and valuable occupancy of the complex presents an attractive investment opportunity.

“Likely to draw significant interest,’ she said.

“Strategically situated, the location also offers ongoing development and growth opportunities for Devonport.

“[The] council’s consideration of utilising the airspace above the Formby Road car park (adjacent to the property) as part of their CBD Master Plan further highlights the potential for future expansion.

“This could attract developers looking to further build on, and capitalise on, the purchase.’

The Advocate