Developer swoops on Verona Cinema
The Verona Cinema, in Paddington, is speculated to be selling for $35 million – some 15 per cent over expectation.
The incoming owner, an as yet undisclosed developer, intends to retain the c1946 brick building as part of a taller commercial project.
A theatre will likely form part of the new asset, CBRE’s Harry George, who marketed the property with IB Property’s Steffan Ippolito, said.
More than 80 enquiries were received on the campaign launch day, he added.
The broker wouldn’t comment on buyer or price.
The deal comes four months since the City of Sydney released guidelines for the Oxford Street cultural and creative precinct, intended to reinvigorate the strip with more commercial product (story continues below).
Reinvigoration through commercial development
On 1138 square metres, the complex, 17 Oxford Street, was sold by Sotheby’s Australia founder Robert Bleakley, who paid $1.75m for what was then an antiques showroom, in 1992.
An extension and renovation, creating the cinema, was completed four years later.
More to come.
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