The historic Rex Theatre in the regional Victoria hotspot of Daylesford hits the market

A heritage theatre in a thriving regional hotspot is up for grabs, presenting a prime opportunity to revitalise, restore or reimagine a local icon.

The Rex Theatre in Daylesford in Victoria, built circa 1928, is on the market via an expressions of interest campaign.

The Rex Theatre sits in the heart of Daylesford’s town centre. Picture: realcommercial.com.au

Located at 41-51 Vincent Street in the heart of town, the Spanish/Art Deco-style property is in various stages of refurbishment and comes with a retail space, as well as a separate residential dwelling at 8 Duke Street.

“The Rex Theatre has been awaiting its next storied chapter for some time,” listing agent David Bourke from Fitzroys said.

“This is an ultra-rare opportunity to revitalise, restore or reimagine a local icon in the centre of a thriving tourist destination.”

Various refurbishments have already commenced. Picture: realestate.com.au

Mr Bourke, who shares the listing with Lewis Waddell, said the sale offers the chance for a new custodian of the grand old dame to be part of cultural history.

The theatre comprises an open plan ground floor of 2000sqm plus a first-floor space, with lift access, of 300sqm. The exterior and interior of the theatre are both covered by a heritage overlay.

The home at 8 Duke Street is in an original condition, Mr Bourke said.

“The Rex Theatre could be reimagined in so many ways such as commercial, food and beverage, retail, hotel and accommodation, or cinema and other event space to again become a beacon for the local community,” he said.

It presents a blank canvas opportunity for a new custodian to reimagine its purpose. Picture: realcommercial.com.au

The historic structure was designed by architecture firm Bohringer, Taylor and Johnson, who were responsible for other iconic buildings across Victoria, including The Forum in Melbourne.

The theatre sits on an enormous 2558sqm landholding, zoned commercial 1, and has rear access and on-site parking for 35 cars.

Daylesford is a beloved tourist hotspot in the state’s spa country, Mr Waddell said.

“It’s recognised for an array of iconic hotels, galleries, spas and eateries including the Daylesford Brewery, Lakehouse Restaurant, Convent Gallery, Hotel Frangos, Daylesford Boathouse, Bromley and Co, and more.”

The property offers huge potential. Picture: realestate.com.au

The regional hotspot boomed further during the Covid era, with 1.9 million domestic tourists in the year to March 2021, Hepburn Shire Council figures show.

In the following 12-months, domestic overnight visitor numbers grew 41% compared to a 26% increase for the rest of regional Victoria.

Daylesford is a thriving regional hub that draws in hordes of tourists each year. Picture: realcommercial.com.au

“During COVID and a period of more flexible working arrangements, Victorians have rediscovered the state’s gems and are showing a renewed enthusiasm for regional travel,” Mr Waddell said.

“We expect this is now a long-term trend and destinations such as Daylesford will be the beneficiaries.”