Five Star brothers buy historic Sydney cinema
Sydney’s historic Roseville Theatre has sold to the owners of Queensland-based Five Star Cinemas, who plan to retain the independent picture theatre.
Peter and Stephen Sourris paid $8.23 million for 110-116 Pacific Highway.
On 1077 square metres zoned E1 Local Centre opposite Roseville train station, the property includes the two-screen cinema and a neighbouring property (110 Pacific Hwy) with ground-floor retail and an upstairs office and two-bedroom apartment.
Macos Holdings was the seller following a court-ordered sale managed by trustee Michael Brereton of William Buck Australia.
Mark Litwin and Joshua Baruch of Knight Frank, with James Sutton of McGrath Lindfield, were the agents.
Roseville Theatre
Built in 1912 as Roseville Hall, the Roseville property initially hosted concerts, dances and community events.
It was also used as a military recruitment centre during World War I.
In 1919 it opened as Traynor’s Picture Palace (continues below).
With a heritage-listed façade, the property was marketed as an investment and potential repositioning or redevelopment play. With the shop, office it residence, the floor area spans 900 sqm.
The Sourris brothers intend to continue operating the cinema after a refurbishment.
The listing followed a Supreme Court of NSW order in June to resolve a shareholder dispute and debts owed to ANZ Bank and the testamentary trust of the late Susan van Pinxteren.
The court appointed Mr Brereton to oversee the disposal.
The Van Pinxteren family acquired the cinema in 1974, with Emma Addario subsequently managing the business for more than 30 years.
Roseville is about 10 kilometres north-west of the CBD.
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