Palace Cinemas to move HQ after South Yarra purchase
Palace Cinemas has bought office space in South Yarra for $3.5 million with the intention of making it the group's new headquarters.
The office at Level 1, 118-124 Toorak Road is spread over 518 sqm, and was bought in an off-market transaction through Fitzroys. The office floor forms part of a boutique four-level retail and office building.
Selling agents Chris Kombi and Chris James brokered the sale on behalf of South Yarra Corporate Centre Pty Ltd, which reflected a building rate of $6,756 per sqm.
“The site’s location within the heart of South Yarra’s vibrant retail and commercial precinct, close to cafés and all modes of public transport was an attractive proposition for the group in the important process of relocating its headquarters,” said Kombi.
“That a major national group such as Palace Cinemas has chosen this site for their home is a vote of ongoing confidence in Toorak Road as a destination and a further sign of its resurgence.”
Palace Cinemas originated from founder Antonio Zeccola’s operation of iconic suburban cinemas, including The Metropolitan in Brunswick, The Roma in Bourke Street and The Palace in Bourke Street.
Following expansion throughout the 1980s and 1990s, which included the addition of the Dendy Brighton, The Balwyn Cinema and Academy Cinema in Paddington, NSW, the group now operates 85 screens across 20 locations nationally, the majority of which include fully licensed car and café facilities, and employs more than 500 staff. The group's existing headquarters are in Balwyn.
The group is home to a number of Australia’s international film festivals, including the Italian, Spanish, Greek, French, Spanish, German, Israeli and Russian festivals.
