InvestingStrata office space in landmark Melbourne Hoyts Cinema Centre building available from $470,000Strata office space in landmark Melbourne Hoyts Cinema Centre building available from $470,000
Office strata space within the 1966 Peter Muller-designed Bourke Street Hoyts Cinema Centre in Melbourne has been priced upwards from $470,000.
The building’s conversion into strata offices accompanies its relaunch as 140 East by its developers, Drapac Property.
CBRE agent Tom Tuxworth and David Combes of Alexander Robertson are steering the strata sales campaign.
Whole and half floors as well smaller office ranging from 99 square metres to 677 square metres are being offered.
The cinema façade, which has strong Frank Lloyd Wright influences, is National Trust listed.
The building housed three cinemas on its opening. Drapac Property bought the building in 2004 after Hoyts moved its main theatre complex to Melbourne Central. The cinemas closed in 2004
The premium fit-outs of the 7,000-square-metre space over the 10 floors will be designed by SJB Architects.
A half floor in 140 East has already been sold, with the level six strata space fetching $1.72 million, or $5,500 per square metre of building area.
Purchasers will also have the ability to buy car bays in the building, which is accessed off Little Bourke Street.
Buyers will enjoy tax depreciation benefits.
Combes says the Bourke Street precinct has undergone a renaissance in recent years with the addition of the Southern Cross Office development diagonally opposite.
Tuxworth says with no other product like it in the Melbourne CBD, he is expecting the project to be very well received.
"This precinct of the CBD currently – and historically – has the lowest vacancy rates, and there is no doubt rents are increasing and will continue to rise.”
Drapac Property purchased the building for $14.4 million.
The anchor tenant of the lower levels will be Virgin Active health and fitness club.
