Rio Theatre property up for sale

VANCOUVER (NEWS 1130) – The Vancouver theatre that managed to get liquor laws changed back in 2012 is facing another challenge.

The East Broadway property the Rio Theatre sits on is for sale.

The theatre is a multi-media venue, which fought and won the right to keep their liquor licence intact, even though it shows movies.

Owner Corinne Lea says she’s fortunate she has another eight years on her lease on the site.

“So that gives us some security. Ideally we would like to buy it. The landlord is aware of that and he would like to sell it to us. But I’m afraid of a bidding war.”

She says business has been very good and that might help them make an offer.

“The Rio has been doing really well in the last year. We’ve had record sales, and we’ve been able to save up some cash. But we would definitely need to do this with a team of investors.”

She says the property has been assessed at $4 million.

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