Multiplex close to closing sale of Imax Cinema

MULTIPLEX is expected to announce the sale of the Imax Cinema in Northbridge early next week.

The cinema was constructed as part of the redevelopment of the City of Perth’s Lake Street car park.

Multiplex development manager Martin Steens said there were two parties who were looking at the property

“We’ve received a submission from one party and we expect the other later this week,” he said.

“Both parties are looking to operate the property as a cinema of sorts.

“It’s not going to be torn down and redeveloped as apartments or anything.

It is understood both offers are from local business people and the price is very close to the original asking price of $3.95 million.

“Early next week we’ll certainly have a decision on it,” Mr Steens said.

The Imax Cinema was built by Multiplex at a cost of approximately $9.2 million about two years ago.

The property was initially put on the market in March of this year amid speculation that the site would be redeveloped for commercial or residential uses.

The property failed to attract a suitable buyer by tender and it was put back on the market for $3.95 million in May this year.

Two years ago it appeared likely that Perth would be home to three Imax-style cinemas.

There was the Omni Theatre, the Imax Cinema that was added to the Lake Street car park redevelopment and another proposed for the Woolworths building that was built behind Forest Chase.

The Omni Theatre is now no more and the Imax cinema proposed for the Woolworths building never proceeded.

The Northbridge Imax Cinema site was once earmarked as the site for a three-and-a-half-star hotel.

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