Iconic Lorne Theatre sold

An art deco icon of the Great Ocean Road, the Lorne Theatre, sold to an anonymous buyer.

The theatre, built in 1937, was offered for the first time since it was purchased by the vendors in the 1960s, with vendors expecting bids over $2.5 million.

Some Lorne residents have been worried that the sale will bring an end to the landmark cinema. While the theatre was on the market, a public meeting with Heritage Victoria was held to discuss potential development on the site.

Prior to the sale, selling agent Shaun Venables of Burgess Rawson told Property Observer that developers were among the potential buyers, but that most were keen to retain some aspect of the theatre’s heritage.

“Most of the developers we’ve spoken to are sympathetic to the theatre’s current use – they’re considering redevelopment, rather than development,” Venables told Property Observer.

According to Venables, the 530 seat theatre had only been filled once in the past 25 years.

The cinema’s lease is due to finish in 2016, with the operators paying $78,180 a year in rent. The 715 square metre corner site has 56 square metres of dual frontage onto the Great Ocean.

Meanwhile, another Lorne site with development potential and Great Ocean Road frontage is currently on the market.

Colliers International’s Jonathan Lumsden and Andrew Lewis are selling a 3,480 square metre site at 14-16 Great Ocean Road, a three minute drive from the Lorne Theatre.

The Residential 1 zoned plot with a 1980s style five bedroom, two bathroom house at 14-16 Great Ocean Road (pictured below) will be auctioned this Saturday.