Cinema owner Eddie Tamir has offloading a Brunswick commercial property after 11 months.
The businessman is banking $6.15 million for 1-5 Weston Street, according to sources, a fall on the $7.975m outlaid last July.
On 1885 square metres, four kilometres north of Melbourne, it includes a vacant warehouse and office.
The property was listed with a neighbouring 632 sqm holding, 12-14 Edward Street, which is still for sale.
Mr Tamir paid $3.3m for that parcel in 2017.
Off Sydney Road, opposite ISPT’s Barkly Square shopping centre, the two Brunswick offerings were earmarked for a 1112-seat cinema with nine-screens, a live performance space, retail and activated rooftop (story continues below).
The proposed theatre would have sat in a portfolio alongside Hawthorn’s Lido, Elsternwick’s Classic and Belgrave’s Cameo.
In January Mr Tamir bought c1937 The Ritz, in Sydney’s Randwick.
It is speculated that acquisition drove the decision to sell at Brunswick.
CBRE’s Julian White, Chao Zhang and Guy Naselli represented the cinema owner.
Mr Tamir’s father, the late David Tamir, established the Delta petroleum chain in the 1980s.