- Originally opened as King's Theatre back in 1904
- Was purchased by Victor Gubgub in 1945
- Has been operated as a nightclub by Capitol Corp since 2002
Metropolis Fremantle, one of the most iconic buildings in Fremantle, has been listed for sale for the first time since 1945.
Originally called King’s Theatre when opened in 1904, Victor Gubgub purchased the building at 52-62 South Terrace, Fremantle, just after the way, and used the building as a display centre for Ford cars, at first.
Along with being a theatre and car yard, the property even had a stint as an ice skating rink before becoming a concert club and nightclub, Metropolis, which it has been since 1991.
The venue is 2,111sqm over a 1,634sqm site with a capacity of 1,639 persons – a slight increase of the 1,200 formal theatre goers the building originally catered for.
Capitol Corp Group, who operate other Perth venues such as The Lookout, The Breakwater and Magnet House, have leased Metropolis since 2002.
Ryan McGinnity and Derek Barlow of CBRE have been appointed to market the Expressions of Interest campaign, with Mr McGinnity emphasising the uniqueness of this investment opportunity.
“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.
“Capitol Corp run some of Perth’s largest late-night venues and do so extremely successfully.
The freehold property represents not only an opportunity to acquire an income secured by such a strong tenant, but as importantly, an iconic Fremantle property.”
Ryan McGinnity, CBRE
Mr Barlow added the 28m frontages along South Terrace is a major drawcard of the site, along with Fremantle undergoing its largest revival since the port city hosted the America’s Cup defence back in the 1980s.
“Fremantle is currently going through somewhat of a renaissance, with combined private and public investment forecast to exceed $1.3 billion.
“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.”
Derek Barlow, CBRE
The campaign is set to close next month on 7 May 2021.
