Art deco cinema sold for apartments
The former Paramount Theatre – once owned by Hoyts and later, the South Hurstville RSL then Civic Video – and a neighbouring retail property, are selling to an offshore developer for $12 million.
At 850-858 King Georges Road, South Hurstville, the 2025 square metre amalgamation was offered in June permit-ready for a six-level apartment complex with 57 dwellings and three retail tenancies.
The holding was marketed for its potential to make way for an alternative product, such as a childcare centre.
Colliers’ Trent Gallagher and Adam Bodon, of agency Adam Jones, were the brokers.
Another cinema sale
Developed in 1934, the Art Deco cinema traded until 1959.
Civic Video acquired it for $1.31m in 1990, occupying until five years ago (story continues below).
The property, also with frontage to Allen Street and Short Lane, has been offered as an apartment development site a couple of times since then.
The suburb is about 18 kilometres south west of Sydney.
In May, Greater Union banked $25.5m from a five-level office which replaced the 1930s Vogue Theatre, in Double Bay.
A fortnight ago, Paddington’s Verona Theatre – built in the mid-1990s incorporating a historic warehouse – was listed with c$30m price hopes.
That vendor, Sotheby’s Australia founder Robert Bleakley, paid $1.75m 29 years ago and undertook the renovation.
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