Iconic Tower Cinemas ready for a new lease on life
Newcastle’s iconic Tower Cinema’s has recently been given a new lease on life with cinemas two and three on the upper level now in planning stages to be the new home of a recreational company. The cinema originally opened in 1976, however closed its doors permanently in 2018 after 42 years in business. The property was sold to a local investor in 2021 after a deal negotiated by Adam Leacy, director of Commercial Collective, was accepted.
The ground floor area is now available for lease with a lettable area of 955sqm available. The lease is being offered at $275,000 gross per annum.
With all of the development taking place in Newcastle’s CBD precinct, the city is booming with new residential developments being built and nearing completion. The city is poised to need additional commercial and recreational sites to cater for the increase in residents now calling the Newcastle CBD home. Mr Leacy states that the lease of the property offers the chance to be at the forefront of the growth in the CBD and suggests that the opportunity for more recreational-type businesses such as an arcade game centre would be a perfect fit. Mr Leacy also confirms that the building will not be available for redevelopment as a residential apartment building due to building height restriction.
For more information about the leasing opportunity, please view more here.