Haymarket’s historic former China Town Twin Cinema for sale

Keen investors or companies looking to snap up a prime site in the heart of Sydney have been given a rare opportunity.

Steeped in history, a striking commercial site in Haymarket which brings in more than $770,000 a year is selling for the first time in almost 20 years.

Barracks for the Salvation Army were built on the Goulburn St site in 1885 and it later became the charity’s meeting hall.

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A century later, following a 1960s sale, the property was transformed and operated as the China Town Twin Cinema.

The charming building has striking wall and ceiling features.

CBRE agent Gemma Isgro says the theatre portion, which makes up around 1000sqm of internal space, has been vacant for years and is “waiting to take on a new life”.

Despite having two unused storeys, the 563sqm block of land with 1519 sqm of floor space currently has four retail tenants.

It is the ideal blank canvas for buyers with some imagination.

The mixed-use site has hit the market via an expressions of interest campaign. CoreLogic records reveal the property, at No. 27-33, last sold in 2000 for $3.95 million.

Isgro says it has since been held by one owner, a family, and is fast piquing the interest of a number of potential buyers.

“We have multiple hospitality groups currently looking at it; at one stage the property was a restaurant therefore will allow this again under existing use rights.

The property has a commanding presence in a bustling part of town.

However, we believe creative office space would derive a strong return.”

The central site is close to Chinatown, World Square, parks and a number of popular hotels.

This article from News Local Central Sydney originally appeared as “Historic Haymarket property to sell for first time in 19 years”.