The former home of an adult cinema in Melbourne’s Chinatown precinct is being offered to the market for the first time in more than two decades.
The 1-3 Cloverlid Place property has, up until recently, accommodated the Dendy Cinema – a well-known film hub first established in the 1970s on Collins Street.
CBRE has been appointed to sell the property via an onsite auction on behalf of the private vendor – the creator of Australia’s longest-running adult consumer exhibition, SEXPO.
The laneway property, which is being offered for sale with vacant possession, comprises 300sqm across three levels, with three premium street frontages that offer great natural light to the building.
CBRE’s Paul Tzamalis said the sale would unlock a premium parcel of real estate in one of the CBD’s most sought after and tightly held pockets.
“Having been owned by the same family for just over 20 years, this property offers a unique opportunity to secure a freehold presence in Melbourne’s thriving Chinatown precinct,” Mr Tzamalis said.
“As the second oldest Chinatown precinct in the world, this pocket of Melbourne has witnessed massive change over the past 20 years, along with the broader CBD. Being held by the same owner during this period, this property is in a sweet spot of the market – offering huge value-add potential to the right buyer.”
The last freehold property to sell in Chinatown under $5 million was 105 Little Bourke Street, which was sold by CBRE for $4.348 million in 2014.
“The area’s strong appeal and limited supply means many owners are reluctant to let go of property,” Mr Tzamalis said.
“We expect this opportunity will attract significant buyer interest from a vast group of investors and occupiers, as well as established services and hospitality operators.”
Dendy Cinema first opened its doors on Manchester Lane around 1975, before relocating to Coverlid Place in 1996 where it operated until its closure in 2016.
The onsite auction will take place Mid October 2016
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
