Cinema centre begins sequel as strata offices
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The 1966 Peter Muller-designed Bourke Street Hoyts Cinema Centre in Melbourne is being converted into strata offices.
It’s been re-launched as 140 East by its developers, Drapac Property.
CBRE agent Tom Tuxworth and David Combes of Alexander Robertson will steer the sale campaign
Whole and half floors as well smaller office ranging from 100 square metres to 605 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.
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. The adjoining 138 Bourke Street strata space was listed last October with $18 million hopes after the three-level complex was leased to Virgin Active on a 15-year lease returning about $1,542,000 a year.
The Virgin space did not find a buyer.
Muller also designed Hoyts drive-ins.
