ASX-listed Abacus Property Group has paid Oscar winning film director George Miller AO (pictured, left) $19.8 million for historic theatre, The Metro, in Potts Point.
Built in 1939 as The Minerva Theatre and owned for a period from 1948 by Metro-Goldwyn-Mayer – 30 Orwell Street has been retained by Mr Miller as a headquarters for some 35 years.
Mr Miller, who recently relocated elsewhere in Sydney to Fox Studios in Moore Park, was reportedly once seeking $25 million for The Metro, which has been on-and-off the market since 2017.
According to this item on website propertyobserver.com.au, “Miller had struggled with maximising its usage and potential in recent years, with various concepts floated but not implemented”.
A motion last year calling for the City of Sydney to buy the Art Deco venue, potentially for use as a town hall, was scuttled despite the asset’s purchase price being a reported $20 million.
Abacus hasn’t yet revealed its intention for the 2300 sqm theatre which sits on a 1255 sqm block zoned Mixed Use.
But marketing agents, JLL’s James Aroney and Gordon McFadyen, said during the campaign that the building’s future use could be as a shopping centre, restaurant, office or hotel. It would also suit a residential conversion.
Mr Miller’s film company Kennedy Miller Mitchell has produced films including Babe, Happy Feet and Mad Max at The Metro.