THE ICONIC PARAMOUNT PICTURES BUILDING 53-55 Brisbane Street, Surry Hills for Sale
THE ICONIC PARAMOUNT PICTURES BUILDING 53-55 Brisbane Street, Surry Hills City Fringe
Location
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53-55 Brisbane Street, Surry Hills.
Description
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The former Paramount Pictures building, an 'Art Deco' masterpiece offering irreplaceable character and solid cashflow with DA approval for 2 extra levels of boutique hotel on top being 20 large suites. Cosmopolitan Surry Hills at its best, overlooks Harmony Park
Accommodation\\
Classic Office / Restaurant / Retail
Net
Rent
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Title
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Free Hold
Investment
Details
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Parking
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Comments
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Built in 1940 by The Paramount Pictures Film Company as their Corporate Headquarters/Distribution Centre in Sydney. A sound 3/part 4 level brick and concrete building with many original features reflecting the architecture and grandeur of the boom in cinema development at the time. A grand entry lobby off Brisbane Street leads to a timber paneled, terrazzo and marble floored upper ground reception with high end Lo Studio Restaurant & Cocktail Bar offering an impeccable fitout with banquet and function rooms and perimeter seating following the façade to the apex of the building. The lower ground level has elements of the former mini cinema still in place with 2 original projectors, studio offices storage and amenities. Level 1 is leased to Deepend & has undergone an extensive renovation with high quality offices and fitout whilst restoring the original timber paneling/unique lighting and steel windows. The upper most level has an unrenovated boardroom and former caretakers flat overlooking a spectacular 492m² terrace. The Building has a 'City Edge' Zoning, and the hotel approval, assuming the property is fully developed as per the approved plans, will reflect an FSR of 3.35:1 and a Floor Space Area of 2,780m². Current gross income is estimated at $414,910pa assuming $35,000pa for the vacant lower ground suite. In addition, an offer has recently been made to lease the roof space for 10 years at $150,000pa gross + GST for an open air cinema (STCA) which could be added to the above total if the Hotel DA is not pursued.
GST
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'Going Concern"
Disclaimer
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Whilst all care has been taken in the preparation of the information contained herein, no warranty is offered or implied. Interested parties should therefore rely on their own enquiries. all areas and figures are approximate.
ENQUIRY FORM
THE ICONIC PARAMOUNT PICTURES BUILDING 53-55 Brisbane Street, Surry Hills City Fringe
