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Civic Video is offloading its former store in Sydney’s South Hurstville for about $12 million, with the next owners likely to build apartments on the site.
The two adjoining properties at 850-858 King Georges Road include the 1157-square-metre former Civic Video store and a 360-square-metre retail property.
The properties are both owned by Gaidra Pty Ltd, a subsidiary of Civic Video.
It is understood the group is selling the site after holding it for about 30 years as it is considered a non-core asset to the group.
The combined 2025-square-metre site has development approval for a mixed-use project comprising 57 apartments, three retail units and three levels of basement car parking across two buildings reaching six and seven storeys high.
The two buildings will yield 4907 square metres of gross floor area.
Development costs are estimated to be about $20.4 million, planning documents show.
Domain Group records show Civic Video bought the premises for $1.31 million in 1990, but as business for video rental shops began to decline in the past 10 years, the company leased out its floor space to other retail tenants including a Subway, a newsagency and a gym.
The smaller shop was purchased for $1.15 million in 2012.
The former Civic Video South Hurstville closed in mid 2016, marking the end of a long history for the premises in the film sector.
Constructed in 1934, the art deco building was originally the Paramount Theatre, a major cinema with a seating capacity of more than 1000, operated at the time by the Western Suburbs Cinema Ltd.
It was acquired by cinema chain Hoyts in 1950, renaming it Hoyts South Hurstville, which closed nine years later.
It is one of a handful of former cinema buildings in the city’s St George area; some including the Kogarah Mecca have been demolished for apartments and others are still standing, albeit unrecognisable, as different businesses.
Selling agent Adam Bodon, from Knight Frank, said the “well-known” property’s location on King Georges Road was likely to appeal to developers.
“South Hurstville is a thriving area in South Sydney, and it has positively benefited from the recent rejuvenation of neighbouring Hurstville,” he said.
“There is strong demand for retail units in the area along with an under supply of new residential apartments, and the DA for 850-858 King Georges Road provides a highly desirable mix of both.”
Co-agent Demi Carigliano said the development site was close to public transport, schools, Westfield Hurstville shopping centre and open recreational spaces.
Expressions of interest close August 30.