Opportunity to redevelop and add value in Warehouse Precinct area

September 14 2016 – A historic building at 65 Crawford St, most recently known as Sammy’s music venue, is on the market as a freehold property through Colliers International.

Dean Collins, associate director in Colliers’ Dunedin office, said the property is for sale as a freehold offering for the first time in decades, with a termination of the current ground lease part of the terms of sale.

“This is an excellent opportunity to buy a substantial freehold property in a regenerating part of the city. It’s a fantastic location and the property offers huge potential to redevelop and add value.”

The building was originally constructed in 1896 and named Agricultural Hall. In 1902 it was renamed His Majesty’s Theatre and played a key part in Dunedin’s entertainment scene. The theatre seated around 1850 people and screened movies from 1904.

His Majesty’s Theatre closed as a cinema in the early 1940s and as a live theatre venue in 1973. The building’s ornate Renaissance façade was demolished in 1975. Sammy’s Cabaret and Restaurant opened in 1983.

The building, located on a main arterial route into central Dunedin, has two street frontages to Crawford St and Vogel St, giving it excellent visual exposure, Collins said.

“It’s quite rare for large, high profile freehold properties in central locations like this to be put on the open market in Dunedin. We’re expecting it to generate quite a bit of interest given its history, as well as the potential to refurbish the building and create something new in a rapidly-developing part of the city.”

The large 1146m² site sits within the Warehouse Precinct, where a number of former industrial buildings are being redeveloped into character space for commercial and residential uses.

“This part of the city is seeing a lot of regeneration, and more and more buyers are coming to us wanting to purchase sites in the area and be part of the action,” says Collins.

“A site like 65 Crawford St is likely to be viewed as a prime candidate for a character redevelopment, as it contains many features from its long history as a theatre.”

Several well known retail occupiers are in the surrounding area, including McKenzie and Willis, Repco, Briscoes and Rebel Sport.

The property is for sale by deadline private treaty closing on October 12.

 

ENDS

 

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