Melbourne CBD property with former cinema history hits market for $4.5m | Fitzroys
A Melbourne CBD site that once housed an iconic cinema has hit the market, sparking a huge interest over its prime location.
A former silent cinema site in Melbourne’s East End could be reborn as savvy investors circle a rare dual-frontage property on Bourke St.
The ground floor and basement of 151 Bourke St, which opened in 1916 as the Empire Picture Theatre, has hit the market with a combined price tag of $4.5m.
The site offers rare vacant possession and dual frontages to both Bourke St and Coromandel Place.
Fitzroys agents Chris Kombi, Lewis Waddell and Ben Liu are handling the listing and said the space has already drawn interest from bars, gyms and luxury retailers looking to tap into the CBD’s rising foot traffic.
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“It’s in that sweet spot between Bourke Street Mall and Chinatown, where things are buzzing again midweek and into the weekends,” Mr Kombi said.
The ground-floor space spans 185sq m with over seven metres of Bourke St frontage, while the 364sq m basement is self-contained and separately accessed from the rear laneway.
Both levels are being offered individually or together, and include toilets and airconditioning.
While the cinema’s original detailing is long gone, the site’s century-long evolution adds depth and intrigue.
The building first opened in 1916 as the Empire Picture Theatre, one of Melbourne’s earliest purpose-built cinemas.
It was later transformed into the Centenary Palace dance hall, and in the 1930s was remodelled by architects Oakley & Parkes, best known for designing the Shrine of Remembrance, into a Malcolm Reid department store.
The listing comes as new Fitzroys analysis shows retail vacancies in the CBD have plunged from 14.1 per cent to 6.1 per cent in two years, driven by a surge in food, beverage and entertainment tenancies.
Hospitality operators now make up 47.4 per cent of new Melbourne CBD retail tenants, up from just 34.1 per cent at the start of 2023.
Mr Kombi said the East End of the Melbourne CBD had become a focal point of activity, particularly with the completion of nearby developments including the Maison Bâtard restaurant, Melbourne Place Hotel, and Merivale’s proposed multi-level precinct.
“We’re seeing strong pedestrian flows,” he said.
“Workers during the week and tourists on weekends.
“Vacant possession gives buyers flexibility, and that’s rare in this part of the city.”
The site is not heritage-listed at street level, making it easier for buyers to renovate or reposition the facade, and while no liquor licence is currently in place, Mr Kombi said the zoning allowed for a wide range of uses subject to council approval.
Fitzroys has received enquiries from both local buyers and offshore investors, particularly from mainland China.
“There’s no doubt the CBD is back,” Mr Kombi said.
“And buyers want to be part of what comes next.”
Expressions of interest close 3pm, June 18.
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Originally published as Melbourne CBD property with former cinema history hits market for $4.5m | Fitzroys
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