Iconic Albert Palais function centre on Sydney's Parramatta Road for sale
During its heyday it was one of Sydney’s most well-known dance halls, but now the COVID-19 pandemic-induced hospitality downturn and a recent state government decision to fast-track planning changes on Parramatta Road could signal a new chapter for Leichhardt’s iconic Albert Palais.
The heritage-listed building, erected in 1934, is being put up for sale for the first time in almost 30 years, with a price tag of about $10 million.
From the 1940s to the 1960s the venue was a focal point for dancers young and old – before nightclubs came to dominate the city’s social scene – hosting live bands and earning the nickname “The Marriage Bureau” because of the number of couples who first met there.
The marriage moniker stuck with the building long after it and other prominent dance halls – such as the Trocadero on George Street in the city, which made way for the Event Cinema complex – fell out of favour.
In the 1980s the three-level, 1815-square-metre property at 289-295 Parramatta Road was converted into an function venue, regularly hosting weddings, with capacity for up to 600 guests.
It was acquired by the current owners, the Onoufriadis family, in 1993. They operated the business until 2017, when the events space was leased to another operator who vacated this year, prior to the pandemic.
Some 30 per cent of the property is currently leased, with one shop to a bridal wear company and a basement space to a dance company. Remaining leases on both spaces are between two and three years.
With the rest of the property vacant and the lingering pandemic creating uncertainty for the hospitality industry, listing agent Kristian Morris, of Ray White Commercial, said the owners felt that now was the ideal time to put it on the market. They are pitching it at commercial developers who could give the property an alternative use.
“I think a lot could be said about COVID-19 and the restrictions on the weddings and events businesses … COVID has had a serious impact on the events business,” Mr Morris said.
Contributing to the decision to list the property now was the recent announcement by NSW Planning Minister Rob Stokes that the Parramatta Road Corridor strategy would be one of four projects prioritised for expedited approval.
Mr Morris said under the draft strategy the property’s current floor-space ratio could shift from 1:1 to 1:3, and building heights of up to 17 metres would be permitted. The building is currently zoned B2 local centre.
“It would make a great boutique hotel, it’s more [suited to] commercial developers,” Mr Morris said, who was advising price expectations were “circa $10 million”.
“Since we launched it a few weeks ago to our database, we’ve had some interest from a church group as well as interest from experienced function operators,” he said.
Any development on the site, on the corner of Parramatta Road and Catherine Street, would have to retain the building’s heritage-protected attributes.
The Albert Palais is for sale by expressions of interest closing Thursday, August 27.
