A 19th century, heritage building in Sydney’s Newtown has been acquired by not-for-profit group CanTeen for $13 million.
CanTeen provides support for young people suffering from cancer and has been the anchor tenant in the building since February 2014, occupying the majority of the 1700sq m NLA.
Operating for 40 years as a popular music venue, the Trocadero and Académie de Musique, is located at 69-77 King Street, Newtown. It has been owned by the Moore Theological College since the mid-1980s, and was restored in 2006.
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CanTeen has been operating out of the building since 2014 and received the chance to buy in 2017, when it was originally listed for sale through Colliers International, who originally expected around $10 million in the sale.
Colliers International’s Matthew Meynell, who marketed the asset, said that the design of the building was a major factor in generating the huge amount of inquiry seen prior to the sale.
“Originally built in the late 1880s as a roller-skating rink, The Trocadero and Académie De Musique is a trophy asset, having contributed greatly to the 19nth century streetscape of King Street, Newtown, and is still one of the most elaborate facades on the street,'' Meynell said.
Collier International reportedly received more than 250 inquiries, more than 50 inspections and multiple offers of interest in the expressions of interest campaign.