Real Estate: 289-295 Parramatta Rd, Leichhardt
A much loved inner west icon is on the market for the first time in over 20 years with a sweetener for the Sydney developers.
Built in 1934, The Albert Palais at Leichhardt boasts three street frontages across 823sqm and has played hosts to countless events and gatherings.
For many decades the venue at 289-295 Parramatta Road operated as a dance hall. In the late 1940s and early 1960s the Albert Palais was one of the most regarded venues in Sydney.
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There are two ballrooms at the venue.
In the early days the Albert Palais was renowned for playing old time dance music. Catering twenty-piece bands playing live music, the venue operated in the halcyon days where young and old danced to the sounds of Dean Martin, Tommy Dorsey, Stan Kenton and Duke Ellington.
As a dance venue, the Albert Palais was a go to place for dancing and socialising with other young people. This lead to it being dubbed the “Marriage Bureau” because so many people met and then later married there.
In 1981 the Albert Palais transformed into a venue hosting 600 guests and included musical entertainment, public speaking, food and catering, before becoming an events centre in the mid 1990s. Today, it hosts weddings, christenings, formals, debutante balls and dinners.
The foyer retains the charm of yesteryear.
The buyer has the potential to undertake a major redevelopment.
Ray White Commercial Sydney City Fringe principal Kristian Morris said while the venue was a popular evens centre, the site is perfect for buyers looking to repurpose or redevelop it.
“This landmark building is within the Parramatta Road Corridor Urban Transformation Strategy, which means a proposed 17m height limit, and substantial uplift of the floor-to-space ratio from 1:1 to 3:1,” he said.
“In proximity to both Stanmore and Petersham train stations, the asset also offers great access to Sydney CBD and West, via Parramatta Road and City West Link.”
Real Estate: 289-295 Parramatta Rd, Leichhardt
The complex has three level and a gross building area of 1815sqm. It has four shops with Parramatta Road frontage, a function centre foyer, two ballrooms, three kitchens and access to 61 parking spaces in a council car park.
Currently it is 30 per cent leased, with the additional 70 per cent on flexible terms. Expressions of interest on 289-295 Parramatta Road close on September 10.
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The post Leichhardt’s Albert Palais dance venue on the market with development upside for developers appeared first on realestate.com.au.