Iconic South Hurstville art deco building sells for $12 million

850-858 King Georges Rd, South Hurstville, has sold for $12 million.

A former F45 gym in South Hurstville is on the verge of being bulldozed and replaced by an apartment complex after it sold to a developer.

The King Georges Rd site, which until two years ago was owned by Civic Video, sold for $12 million last week.

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The result was 20 per cent higher than what the vendor, a private investor, paid for 850-858 King Georges Rd in 2020.

The site was owned by Civic Video until two years ago.

Colliers’ Trent Gallagher said the phenomenal price was a reflection on the strength of the commercial market.

“The market is as strong as we have ever seen it, even in these uncertain Covid times,” he said.

“Inquiry remains very high, and we are extremely positive about the months ahead.”

The 2025sqm parcel of land was offered to buyers with approved plans for 57 “premium” apartments and commercial premises.

The new owner who plans to build the apartment complex, could also look to accommodate a child centre site.

An artist’s impression of what the future apartment tower could look like.

Mr Gallagher, who sold the property with Adam Bodon of Adam Charles, said boutique sites were in particular demand at the moment as were perceived as offering less risk and greater leasing potential.

Constructed in 1934, the art deco building was a theatre with a seating capacity of more than 1000 in another lifetime. In the 1990s it became a large format video store owned and operated by Civic Video. As video rental stores began to die, the company leased out its floor space to other retail tenants including a newsagency and a F45 gym.