There is something enticing about an independent cinema. It’s the anticipation that you’re about to view a unique show, one that is rare and different from the mainstream. As you sit there waiting for the show to begin, you just know that this one is not going to compare to anything else ever seen before.
The same sentiment applies to the sale of the Palace Cinema at 99 Norton Street, Leichhardt. It’s a show we haven’t seen for an entire generation and now, the opportunity is here to be a part of something big and different. With all its attributes, it’s sure to be a good one and there are plenty who are waiting for their ticket in.
Palace Cinema together with the renowned Moretti’s Ristorante Pizzeria is being sold exclusively by agents IB Property for the first time in 12 years. The landholding of 2066sqm is located in the much sought after inner west pocket of Leichhardt as a fully leased asset with both the cinema and restaurant who have been in the current location for over 10 years. Although not a traditional heritage cinema building, the downstairs Pizzeria especially creates a rustic modern atmosphere paying tribute to The Palace Cinema’s Italian origins, founded by Antonio Zeccola in the 1960’s. Over time the company has now expanded with 180 screens across 24 locations Australia wide.
“Very rarely does an opportunity like this present.” states selling agent Steffan Ippolito. “This is an opportunity to acquire a large, iconic landholding with expansive frontage, adjacent to Norton Plaza Shopping Centre and with high pedestrian and vehicular traffic. It also has a secure, well regarded long term tenant at $1,390,000 per annum + GST. It really is a AAA investment which will hold its value over time.”
And there is no doubt that the show will go on. Not only will this investment give the prospective purchaser security for the future, but also the satisfaction of being part of the history of the renowned Palace Cinemas. This is definitely a blockbuster not to be missed.
For more information, access to the DD room or to register for the next inspection, please contact:
Steffan Ippolito 0403 347 11
Adam Droubi 0420 807 090
Paul Grasso 0434 497 793.
