Sexpo founder to sell long-running adult cinema

Melbourne’s CBD has lost one of its last remaining adult cinema venues after the owner of Chinatown’s Dendy Cinemas – a founder of the Sexpo exhibition – put the building on the market.

The long-running sex industry staple, which had operated at 1-3 Cloverlid Place since 1996 after relocating from its original home in nearby Manchester Lane, will be sold at an on-site auction in mid-October.

The cinema closed its doors earlier this year after 41 years, having first opened its doors on Manchester Lane in 1975.

Spread over three levels and with 300sqm of space and three street frontages, the building is expected to sell at a premium price, given the rarity of commercial freehold properties in the Chinatown precinct.

Having been owned by the same family for just over 20 years, this property offers a unique opportunity to secure a freehold presence in Melbourne’s thriving Chinatown precinct

The last freehold property to sell in Chinatown in the sub-$5 million bracket was 105 Little Bourke St, which fetched $4.348 million in 2014.

CBRE’s Paul Tzamalis is marketing the property and says it is expected to attract interest from investors, owner-occupiers and hospitality operators.

“The area’s strong appeal and limited supply means many owners are reluctant to let go of property,” Tzamalis says.

“Having been owned by the same family for just over 20 years, this property offers a unique opportunity to secure a freehold presence in Melbourne’s thriving Chinatown precinct.”

“Being held by the same owner during this period, this property is in a sweet spot of the market – offering huge value-add potential to the right buyer.”

The property will be offered for sale with vacant possession.

Photo: Dendy Adult Cinema in Melbourne’s Chinatown precinct. Picture: Woody London – Cinema Treasures.