The auction with a $1 reserve

It's an iconic building, and offers the prospect of an incredibly low entry into the Newcastle market – but bringing this property back to life may require some creative thinking. 

The heritage-listed site of a former Newcastle theatre has been listed for sale by auction, with the vendors specifying a reserve price of just $1. 

According to listing agent Colliers International, 8-10 Perkins Street, Newcastle is home of the former Victoria Theatre.

Image source: Colliers International 

According to Colliers International: "[The site] houses a State Heritage-listed building of approximately 1,250 square metres, which sits on a prime inner-city parcel of land totalling approximately 900 square metres. The Victoria Theatre was completed in 1891 under the guidance of architect James Henderson, who elaborately furnished the three level auditorium in a neo-Grecian theme."

The building closed as a theatre in 1966 and has had numerous commercial uses since, until falling into its current unused state in 2003.

The current owners had held grand plans for the site – including establishing a hotel and high-end brew house – before circumstances dictated the decision to sell. 

A statement released on behalf of the owners said: “We are passionate about Newcastle and excited to see the revitalisation of the city underway.

"The move to sell this asset is not one of timing in the market, it is instead a recognition that the building deserves to be restored and this is no longer part of our overall business plan.

"Our group's founder sees the $1 auction reserve as a philanthropic move to ensure the building moves ownership to someone for a price that will allow them to restore the property.”

Redevelopment options for the site may be wide and varied under The City of Newcastle's B4 Mixed Use zoning.

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The auction with a $1 reserve
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