Entire historic Rosebud corner in once-in-a-century sale
A central corner spot home to Rosebud’s first cinema and wartime music hall is on the market for the first time in nearly a century.
The Broadway at 1015-1021 Point Nepean Rd is being sold by the Whittaker family, who pioneered the area’s cinema industry in the 1920s.
The 1241sqm site with sought-after water views, now occupied by six retail shops, heads to auction on October 26.
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Buyer interest for the historic triple-fronted site, offering more than 90m of frontage in the heart of Rosebud, has been strong and it’s expected to fetch more than $4.5 million.
The Broadway site back then.
The original building was completed in 1928 and operated as Broadway Theatre cinema and dance hall; it was frequented by American servicemen during wartime.
In the 1960s it turned into a popular disco before being converted for retail use.
“The Broadway is steeped in a rich history that our family is very proud to have been part of,” vendor Paul Whittaker says.
The beachfront position attracts plenty of foot traffic.
His father, Frank, had opened the area’s first cinema, while local stars who had performed on stage at The Broadway included John Farnham in the late 1960s.
The site, with current tenants such as Flight Centre and The Foyer cafe, is anticipated to generate a fully leased income of $250,000 a year.
“With the potential to subdivide and sell down individually, the likely buyer will be an investor who recognises the value of a large foreshore-fronting corner landholding,” CBRE agent Rorey James says.
The block looks across to the bay.
He added the retail position would be a key attraction for buyers, as it was rare for Rosebud properties to come to market — especially properties with flexibility and value-add potential from three street frontages.
In 2017, the Kirby family, founders of Village Roadshow, sold the 1894-built Sorrento cinema and a modern cineplex in Rosebud for a combined $10 million.
This article from Leader Newspapers originally appeared as “The Broadway, Rosebud: former cinema and wartime music hall has multimillion-dollar price”.
