Sydney-based property developer Central Element, along with joint venture partner investment firm Boston Global, has received approval for a new $100 million boutique hotel in Sydney’s inner-city suburb of Paddington.
The Tonkin Zulaikha Greer-designed redevelopment of the heritage-listed Olympia Theatre, on the corner of South Dowling Street between 1-11 Oxford Street, will see the three-storey picture hall doubled in size as a new mixed-use project.
The three-storey former theatre will be increased to six storeys with an additional rooftop level featuring a food and drink premises capable of holding up to 200 people, as well as two basement levels.
Central Element plans to restore and integrate West’s Olympia Theatre’s 1911 façade into the new building, which will feature a large landscaped internal garden on the ground floor, visible from the street.
Four floors will feature 101 high-end guest rooms, food and beverage offerings on the ground and rooftop, plus conferencing, banqueting.
The two new basements will be created through additional excavation and are will house a medical facility.
The original building was initially the site of Marshall’s Paddington Brewery, from 1860 to 1906, before being replaced by West’s Olympia Pictures in 1911—becoming a destination for Sydney’s movie lovers for nearly 50 years.
The building operated as the Grand Pacific Blue Room throughout the 1990s, but fell into disrepair after a decade of underuse.
Central Element director Wayne Chivas said the development will act as a catalyst for the NSW government’s ambitious plan to turn Sydney into a 24-hour city.
“This is such an exciting and unique opportunity for us to not only reinvigorate an iconic landmark but also enhance the community with a high quality, beautifully-designed building that locals and visitors alike can enjoy again.”
Chivas said the hotel operator will be announced towards the end of the year.