Gretel Packer rescues historic theatre from redevelopment
Gretel Packer has bought an 85 year old Art Deco theatre once owned by George Miller and before that, Metro-Goldwyn-Mayer.
With the deal for The Minerva at 28-30 Orwell Street, Potts Point, a controversial plan by the vendor to repurpose it as a hotel with a significantly smaller concert space is off the table.
The billionaire spent $25.85 million via a company, Sacred Firebird Pty Ltd, co-controlled with Packer family office manager, Glen Selikowitz.
Seller, Central Element, paid $19m, settling in April, 2022.
The permit – for a 63 suite guesthouse and 250 seat theatre, carrying an end value of about $70m – was issued last November, two months before the asset was offered for sale.
Theatre saved
Developed in 1939, with a capacity of 1000, the Potts Point property was a live theatre before in the 1950s being purchased by MGM for films.
On 1267 square metres zoned Mixed Use, with airspace development potential, Mr Miller held it 35 years – for use in movies and as a headquarters.
The producer sold it to Abacus Property Group for $19.8m in 2018.
The government heritage protected it two years later (story continues below).
The venue never reopened before selling to Central Element.
The permitted proposal would have included a nightclub and cabaret bar with a c250 patron capacity.
Another Sydney buy
Ms Packer, who recently stood down from the Sydney Theatre Company board after a decade, is believed to have bought The Minerva for associates to operate.
The deal comes about 17 months since the businesswoman outlaid $26.5m for the four level former Edgecliff Post Office on New South Head Road, part occupied by a family company, Ritam.
Last year we reported Ms Packer spent $9m on an apartment abutting another bought years ago – again in Potts Point – at the historic Macleay Regis building.
IB Property’s Shane Blackett and Steffan Ippolito with JLL’s James Aroney, Mitch Noonan, Gus Moors and Kate MacDonald represented Central Element which retains other Sydney assets, including at Bondi, Drummoyne and Neutral Bay.
Subscribe to our newsletter at the bottom of this page.
