Plot twist as Palace Cinemas moves to South Yarra
National cinema chain Palace Cinemas has bought a $3.5 million South Yarra office in a deal that will see it move its headquarters from its traditional home in Balwyn.
The company, which operates boutique theatres in every Australian state except Tasmania, bought the entire first level at 118-124 Toorak Rd from South Yarra Corporate Centre Pty Ltd, in a deal negotiated by Fitzroys agents Chris Kombi and Chris James.
The move will put Palace’s new base close to its cinema at the Como complex, which owner Mirvac recently put up for sale with an expected $200 million price tag.
The 518sqm office, which forms part of four-level retail and office complex and has nine car spaces, sold for $6756 per square metre.
Palace will now shift its corporate operations from its cinema complex in Balwyn – the company’s oldest cinema, having opened in 1930 before being bought by Palace founder Antonio Zeccola in 1994.
That a major national group such as Palace Cinemas has chosen this site for their home is a vote of ongoing confidence in Toorak Rd
Kombi says a location closer to the CBD and with increased amenity was an attraction for the cinema
“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,” Kombi says.
“That a major national group such as Palace Cinemas has chosen this site for their home is a vote of ongoing confidence in Toorak Rd as a destination and a further sign of its resurgence.”
Palace Cinemas operates 85 screens across 20 locations nationally.
