The iconic Redcliffe Pier Theatre is up for sale for the first time in seven decades. Located at 115-131 Redcliffe Parade, the 2,500-square-meter oceanfront property comes with an existing approval for a 12-storey mixed-use development.
Cushman and Wakefield, the real estate firm handling the sale, has described the opportunity as “precinct-shaping” and “oceanfront.” The site, situated 27 km north of Brisbane’s CBD, boasts frontage to both Redcliffe Parade and Sutton Street. The approved development plan includes 82 apartments, 748 square meters of retail space, and a food and beverage outlet.
“Revenues for developers are underpinned by the ability to achieve premium ocean view lines,” Cushman and Wakefield said.
“[The site is] improved by the Pier Theatre, an iconic retail building that provides short-term holding income.
“The region’s record population growth and historically low vacancy rates provide favourable market conditions to developers for potential residential projects.”
The current approval, which was initially granted over a decade ago, has been extended three times, most recently on March 17, 2023. During the latest extension process, Moreton Bay Regional Council mandated that the developer, Peninsula Theatres, incorporate the existing theatre facade into the design as a condition for any further extensions.
This requirement came after significant community opposition to the proposed demolition of the historic theatre. The Redcliffe Historical Society had appealed to preserve the facade, citing its importance as a representation of “93 years of film-going by the sea.”
Photo Credit: Moreton Bay Our Story
The site has a rich history dating back to 1917 when the original Redcliffe Picture Palace opened. Following a fire in 1943, the theatre was rebuilt with a brick facade. It ceased operations around 1970 and has since been partially demolished, leaving only the Redcliffe Parade-facing portion standing.
The expressions-of-interest campaign for the property is set to close on June 6, marking a significant moment for this historic site and potentially ushering in a new chapter for Redcliffe’s waterfront development.
Published 8-May-2024