Semaphore’s historic Odeon Star cinemas listed for sale and lease

The historic Odeon Star Semaphore Cinemas at 65 Semaphore Road is for sale and lease. Pic: realcommercial.com.au

The owners of a historic beachside movie theatre have decided it’s time to roll credits on their popular business.

Terry and Jacky Proud have listed the Odeon Star Semaphore Cinemas at 65 Semaphore Road for sale and lease.

For the past 17 years they have run the 100-year-old cinema, which Mr Proud said is listed with a $2.5 million price tag, and now want to retire.

“It’s been a great community cinema and it will be disappointing to the local community, but we’ve got to look at the facts too,” Mr Proud said.

Cinema owners Terry, Jacky and Joe Proud and LJ Hooker West Lakes – Henley Beach’s Rosemary Auricchio (red dress) at the cinema when it was last listed for sale in 2018. Pic: Dean Martin

The cinema was first opened in 1920. Pic: realcommercial.com.au

The owners are selling it so they can retire. Pic: realcommercial.com.au

“The whole industry is changing and we’re getting older, it’s just time to move on.

“Even my son – he’s been doing it as long as we have – he’d really like to try something else.

“It’s time for us all to let go.”

The distinctive building has a colourful history, first opening as the Wondergraph Picture Palace in 1920 at the cost of three pence a show.

It closed then partially reopened in the decades following, but it wasn’t until 1997 that it became the cinema it is today after a refurbishment.

The building has an art deco facade, which is heritage listed, and a retro New York-style interior.

On a 975sqm block, it has 1000sqm of floor space across two levels, as well as an established barber shop that makes up part of the complex with a lease in place until 2025.

The building has a distinctive art deco facade and a retro New York-style interior. Pic: realcommercial.com.au

Prospective buyers can buy or lease the property, and either run it as a cinema or use the site for other purposes. Pic: realcommercial.com.au

It is the second time the property has hit the market in the past two years, with property records showing it was listed for sale in October 2018.

Mr Proud said prospective buyers could buy or lease the site, and either continue to run the cinema business or use the building for other purposes.

“If they want to continue the business they can continue it, that’s all part and parcel,” he said.

“You never know, somebody might take it up and keep running with it.

“But if we just lease it, we can drive a retirement income from it.

“I’d love to see it stay as a cinema.”

Selling agent Frank Azzollini, of LJ Hooker West Lakes – Henley Beach, said he had already received a dozen email inquires about the “beautiful building”.