Cinema owner Eddie Tamir appears to have made a spectacular loss offloading a Brunswick commercial property after 11 months.
Mr Tamir sold 1-5 Weston Street this week for about $6.15 million, according to sources, a substantial fall on the $7.975 million he paid last July.
The 1885 square metre block, less than four kilometres north of the Melbourne CBD, includes a vacant warehouse and office.
The site was listed with a neighbouring 632 square metre holding at 12-14 Edward Street, which is still available for sale. Mr Tamir paid $3.3 million for the Edward Street parcel in 2017.
Just off Sydney Road, and across the road from ISPT’s Barkly Square shopping centre, 1-5 Weston Street and 12-14 Edward Street were earmarked to be replaced with a 1112 seat cinema containing nine-screens, a live performance space, retail and an activated rooftop – with another movie screen.
Mr Tamir’s proposed theatre would have been the latest in a portfolio: the businessman also owns Hawthorn’s Lido, Elsternwick’s Classic and Belgrave’s Cameo.
In January Mr Tamir bought The Ritz, built in 1937 in Sydney’s south-east suburb of Randwick.
It was The Ritz acquisition which was said to be the reason Mr Tamir was divesting of the Brunswick holdings.
CBRE’s Julian White, Chao Zhang and Guy Naselli listed the Brunswick properties in April.
Mr Tamir’s father, the late David Tamir, built his wealth establishing the Delta petroleum chain in the 1980s.