‘Once in a generation’ Palace Cinema on Norton St, Leichhardt for sale in EOI campaign
Palace Cinema’s flagship property on 99 Norton St in Leichhardt has been put on the market after twenty years, for Expressions of Interest.
The 2060 sqm property was recently redeveloped and sits on one of the largest blocks on the famous inner-city street.
Located a few doors down from the Norton Plaza shopping centre, the property is being sold by Steffan Ippolito, Adam Droubi and Paul Grasso from IB Property.
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“It’s a once in a generation asset that is the focal point of the community coming to market,” Mr Ippolito said.
“Given the high quality building and tier one tenants secured, 99 Norton St makes for a perfect trophy asset with future development material.”
Over the last 20 years, Palace has continued to grow their audience with expansions across Melbourne, Sydney, Brisbane, Byron Bay, Canberra and Perth and the preservation of heritage art-deco gems like the Astor Theatre.
Palace Cinemas comprises over 180 screens across 24 locations across Australia.
“The owners have held it for over 11 years and have decided to sell it,” Mr Ippolito said.
“Over the past few years, we have received a lot of unsolicited offers and the owners thought it was time to dispose of the asset.”
Mr Ippolito said that 99 Norton St had always been an iconic building which housed the cinemas and restaurant Moretti – beloved by the local community.
The inner west has seen significant growth over the past few years, with nearby Norton Plaza being considered one of Australia’s best performing shopping centres.
The property is being offered for sale via Expressions of Interest and is closing on the 7th of April.