Capital Gain
The classic Roseville Cinema has sold for $8.23 million to the brothers behind Queensland-based picture theatre business Five Star Cinemas who, agents say, will keep the historic venue open.
Peter and Stephen Sourris also count the independent Tower Cinemas Newcastle among their stable.
The Roseville last changed hands in 1974 when it was purchased by the Van Pinxteren family and is considered one of Sydney’s oldest continuously operating independent cinemas.
A court-appointed trustee Michael Brereton, from William Buck Australia, administered the sale following a Supreme Court ruling in mid-June that ordered the cinema and an adjoining site sold to resolve a shareholder dispute among three owners.
The sale of the cinema at 110-116 Pacific Highway included an adjacent retail, office and residential building on a combined landholding of 1077 square metres.
Agents said the campaign attracted strong interest from NSW, Victoria and Queensland, with purchasers assessing a range of opportunities including retaining the existing cinema, repositioning it or redeveloping the properties.
The selling agents were Mark Litwin and Joshua Baruch from Knight Frank, with James Sutton of McGrath Lindfield.
Fish and chips
After five generations of ownership, the Doyle family’s famous fish and chips hangout, Doyles on the Beach at Watsons Bay, is on the market for about $70 million.
The Sydney institution at 11 Marine Parade and 2 Cliff Street opened in 1885 and sits on a 2503.8 sq m freehold site, with about 29 metres of frontage to Watsons Bay Beach.
Family patriarch Michael Doyle has decided to test the market for the site the family has owned for 141 years.
The venue sits on the beach in front of the popular Watsons Bay Hotel, owned by pub billionaire Arthur Laundy, who spent $3 million renovating the top and mid-decks of the hotel a year ago.
HTL Property’s Andrew Jolliffe and Dan Dragicevich are agents on the Doyle’s sale.
Holidayist swoops
Entrepreneur Matty Roberts is expanding his boutique accommodation business to the unspoiled coastal village of Brunswick Heads on NSW’s north coast.
Roberts, whose business includes motels and entertainment talent management, has paid about $6.1 million to add The Brunswick to his specialist accommodation business, The Holidayist Group.
The entrepreneur already has an existing portfolio under Holidayist, including both the Cheshire Cat Motel and The Burleigh Break Motel on the Gold Coast.
The Brunswick’s freehold going concern at 2-6 Old Pacific Highway was sold by private investors. Co-owner Kylie Anning said she was “pleased to hand it on to new owners who truly appreciate what makes Brunswick Heads so special”.
Brunswick Heads, a small town in Byron Shire, is often referred to by the locals as “God’s county”.
The hotel had a comprehensive refurbishment in 2020 and includes 18 guest suites, swimming pool and deck, guest lounge, spa treatment room, reception, and conference room. CBRE Hotels’ Hayley Manvell and Taylor Morris advised on the sale.
Cadence acquires
Melbourne-based Align Property Partners have partnered with Charlie Buxton’s Cadence Property Group to acquire 90 Arthur Street in North Sydney. Contracts were exchanged for a price around $86 million.
The deal marks Align’s first Sydney office acquisition which will be a seed asset for a newly established Cadence fund, Cadence Direct Office Trust No.1. It’s the first North Sydney office transaction to be launched and exchanged this year.
The 9304 sq m refurbished office tower was sold by DWS and is said to offer an attractive entry price with a defined leasing strategy alongside longer-term redevelopment potential.
Colliers’ Alex McColl and Tyler Talbot handled the transaction.
Pretty sheds
Warehouses are usually fairly boring visually. But property giant ESR Australia commissioned Sydney artist Elliott Routledge to make one of Western Sydney’s largest new public artworks. A 1900 sq m mural now adorns ESR’s Eastern Creek Industry Park. It’s named Moving Colours.
The work forms part of ESR Australia & NZ’s broader public art strategy, which brings site-specific artworks to industrial and logistics developments around the country. It was developed in partnership with award-winning public art curators, Cultural Capital.
Other ESR art includes Pretty Little Fears by Dylan Bolger at Queensland’s Acacia Ridge Business Park, Twilight Driving by Helen Proctor at Horsley Logistics Park in western Sydney, Resonance by Nastia Gladushchenko at Westlink Industry Park in NSW and Chromatic Oscillation by Drez at Cherry Lane in Victoria.
carolynannecummins@gmail.com
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