A historic freehold property in Fremantle is up for sale for the first time in 75 years as the city undergoes a $1.3-billion “renaissance”.
The Metropolis Fremantle, formerly Kings Theatre, at 52-62 South Terrace, has been put on the market in an expression of interest campaign.
The 1634sq m site near Perth’s port was first a theatre, in 1904. In 1945 it was bought by Victor Gubgub and used as a Ford motor display centre.
The building has also been an ice-skating rink. In 1991 it was opened as a nightclub, which is currently operated by Capitol Corp Group.
The area has since become an art and culture hub, attracting substantial investments, led by the Kings Square civic heart project.
CBRE director Ryan McGinnity said they were seeking comment from the market before pricing for bids on May 7.
“The fact that this landmark property has not been offered to the market in more than seven decades and is leased by an experienced and well-regarded group, will see it attract strong investment interest,” he said.
“Fremantle is currently going through somewhat of a renaissance, with combined private and public investment forecast to exceed $1.3 billion,” McGinnity said.
“In 2021, Kings Square Fremantle opened, the largest public-private infrastructure project in Fremantle’s history, while the current development pipeline is at its strongest level since the 1986 America’s Cup.”
CBRE associate director Derek Barlow said that while the long-term tenure of the tenant was appealing, the longer-term development potential of the land, with 28m of frontage to South Terrace, would be a major drawcard.
“Located 18km west of Perth CBD, Fremantle is the epicentre of Western Australia’s culture and arts scene; a haven for those wanting to experience the arts, museums and markets, as well as numerous food and beverage offerings,” Barlow said.
The Metropolis Fremantle, on the South Terrace hospitality strip, is well-known and has a capacity of 1639 patrons.