Regent Cinema no longer on the market

The Regent includes an R-Max screen in Cinema 1, the original theatre.
The Regent includes an R-Max screen in Cinema 1, the original theatre.

ALBURY’S Regent Cinemas will remain in its current ownership.

Cromwell Property Group has owned the Dean Street landmark for a decade.

It had been on the market since early April under an expressions of interest process.

Selling agents CBRE confirmed yesterday the property had failed to sell after attracting three bids.

Agent Justin Clarkson said there was also interest in a package consisting of the Albury and Geelong cinema centres, the latter also being owned by Cromwell.

Mr Clarkson confirmed Cromwell elected to withdraw them from the market last week.

“There were offers on the properties individually and collectively as a portfolio, but the sale has not proceeded,” he said.

There was speculation the two properties could have fetched $14 million apiece.

Cromwell paid almost $10 million for the Albury Regent in 2004.

Three weeks ago it announced it would pay $405 million for seven NSW government offices, three in Sydney and the others in Wollongong, Newcastle and Queanbeyan.

Albury’s Regent was built as a theatre in the art deco style in 1926 and had two big expansions in 1998 and 2004.

It has nine cinemas and seven retail tenancies including La Porchetta restaurant and Intencity.

A lease with Village Cinema expires in 2019 with the option of a further 15-year term.

It occupies almost 3000 square metres on the corner of Dean and David streets and is one of Australia’s largest cinema complexes outside the capital cities.