In a major coup for the city, Ipswich will welcome a market leading cinema chain to its flagship development – the Nicholas Street Precinct.
Ipswich Mayor Teresa Harding said council has signed a contract with HOYTS, signalling another vote of confidence for businesses in Ipswich Central.
“HOYTS, founded in Australia in 1909, is one of the world’s leading entertainment corporations with 43 cinemas located across Australia and New Zealand, and we are delighted to see them choose Ipswich,” Mayor Harding said.
“HOYTS currently employs over 2,500 employees, and adding an Ipswich cinema to their stable will also mean additional jobs for locals.
“With the previous cinema operating at this location for 20 years, many Ipswich residents will remember going to the movies in Ipswich Central and will welcome the opportunity to return there again.”
“Council has used an evidence-based approach when deciding the best avenue for a return on the investment with reports from Queensland Treasury Corporation, KPMG, Location IQ, Knight Frank and Bull and Bear economics, to ensure ratepayers receive value for money and that lease terms are in line with market expectations and commercial best practice,” Mayor Harding said.
“Activating the cinema site is critical to the precinct’s success, which is why council has endorsed additional investment to deliver this important piece of the puzzle.
“The total boost to the local economy from the Nicholas Street Precinct is expected to total $1.196 billion between 2020 and 2032, so in the long-term this is a great outcome for the city.
“The opening of the cinema will be a huge step forward in reinvigorating this area by providing an anchor tenant that will not only bring additional people to the Nicholas Street Precinct but will also create local employment and have a positive economic and social impact on the surrounding areas.”