Designed by Tonkin Zulaikha Greer the home of Sydney’s renowned Verona independent and art-house cinema 17 Oxford Street Paddington for sale CBRE Harry George and Steffan Ippolito from I.B Property.

The 1,138sqm site at 17 Oxford Street dates back to 1946 and currently comprises a retail, events and cinema complex over four levels.

Its four Palace-operated cinemas have proven a popular destination for film enthusiasts since the venue was purpose-built within the shell of a former industrial equipment manufacturer’s warehouse.

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Designed by Tonkin Zulaikha Greer, The Verona cinema was opened by Nicole Kidman in 1996, the same year the building became home to Sydney’s first dedicated yoga studio.

The ground floor space was the home of Mambo’s maiden retail store for more than a decade from 1996, and transformed into the versatile Verona Studios in 2015.

The 450sqm offering has hosted art exhibitions, pop-ups and events for brands including Chanel, Deus Ex Machina, Google and Tommy Hilfiger, and acted as television studios for Channel 9 productions.

Located on the corner of Oxford and Verona Streets in the vibrant inner-east, the freehold is owned by Robert Bleakley, founder of the Sotheby's Australia fine art company.

CBRE’s Harry George and Steffan Ippolito from I.B Property are managing the sale campaign on behalf of Mr Bleakley, with Expressions of Interest invited before 4pm AEST on August 12.

“The Verona has been a significant focal point for contemporary culture in Sydney for more than 25 years,” Mr Bleakley said.

“There is a deep patina to the location, which has hosted countless events and many of the major creatives, and its patrons include a who’s who of Australian cinema.

“Now it can be expanded to express the best of a perfectly positioned city-fringe venue.”

Under the City of Sydney’s B2 Local Centre zoning, the site can accommodate a four-level, mixed-use building with ground-floor retail beneath residential apartments or commercial suites.

“The Verona represents an extremely rare opportunity for an incoming developer to secure a versatile and history-rich property within one of Sydney’s finest inner-city suburbs,” Mr George said.

“Oxford Street is an iconic thoroughfare, known for its bars, restaurants and boutiques, and the cinema occupies a prominent corner position, with a wide frontage and significant exposure.

“With flexible zoning and occupying a highly-desirable Sydney CBD fringe location, we’re expecting significant interest from a variety of parties.”

Current planning controls permit a gross floor area of 3,295sqm with a maximum building height of 15m, while a City of Sydney planning proposal would take those upper limits to 3,983sqm and 20m respectively.

The site is 150m from St Vincent’s Hospital, while Notre Dame University, The University of Tasmania, UNSW Art & Design and The National Art School are all less than 400m away.

“Paddington is one of Sydney’s most desired places to live, work and play,” Mr Ippolito added.

“Oxford Street is expected to undergo a substantial planning control uplift, and this site has an elevated position with a north-facing aspect and harbour views that are unable to be built out.

“Its location near the St Vincent’s Hospital health hub, meanwhile, positions The Verona as a key opportunity for a boutique medical facility.”  

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.

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