Repurposed Moonee Ponds Theatre sold
EXCLUSIVE
A historic cinema concealed behind a nondescript retail façade in Melbourne’s north-west has changed hands.
The ex-Moonee Ponds Theatre, now a commercial investment, at 9-15 Puckle Street, fetched $5.2 million following a private sale campaign launched in March.
The Mandie family held it three decades.
The sale reflected a 6.9 per cent net passing yield.
Teska Carson’s Stephen Speck and Michael Taylor were the agents.
Theatre conversion
Opened in 1911, the Moonee Ponds Theatre was penned by Frank G. Richardson, with 1300 seats.
Purchased in the early 1920s by Greater Union, it was later sold to independent owners.
A major Art Deco themed renovation was completed in 1939.
It closed in 1980; like many suburban venues of its type, attendance declined following the arrival of television in Australia in the 1950s.
The property was then repurposed as a commercial investment with ground floor retail and a flexible first floor space; there is 1316 square metres of lettable area (continues below).
Goldcross Cycles occupied much of the ex-auditorium for many years. That tenancy was later a discount store and is now a gym.
Another store presently houses Luke’s Bakery.
The original cinema back-staircase is the entrance to Shogun Martial Arts Studio, which rents upstairs.
Landmark property
On 1189 sqm zoned Activity Centre, 9-15 Puckle St was marketed for its potential to yield a mid to high rise apartment building.
It neighbours the relatively new Penny Lane project, which coincidentally includes an 11-screen Palace cinema, and 11-level residential tower.
It was also promoted as a value-add opportunity, with the theatre maintaining many heritage features.
The deal comes six months since realestatesource.com.au reported McDonald’s was returning to the strip after a 30 year hiatus.
The 1980s store was one of the few in its stable to fail because of a lack of trade; the restaurant was the subject of a community boycott.
Moonee Ponds is about six kilometres from the city.
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