Demand on CBD fringe strong

By Carolyn Cummins, The Sydney Morning Herald

"WITH the redevelopment of the southern end of the central business district, fringe areas such as Glebe are benefiting from new infrastructure and expanded commercial offerings such as the Broadway shopping centre and the planned $2 billion Fraser Property project.
The accelerated development of residential buildings in the area has led to a rise in commercial values of about 30 per cent over the past two years to $6000 per square metre, while leasing rates have grown 25 per cent to $550 sqm. The vacancy rate is about 5 per cent.
Property developers say that, with many of the historic buildings in the suburb transformed to residential apartments and spare land becoming scarce, commercial property is proving to be in strong demand, especially on Glebe Point Road.
One such site is the former Valhalla cinema and another is the Glebe Post Office.
Portfolio Realty is offering 252 sqm of office space in the Glebe Post Office for rental at $280 a square metre, while the former Valhalla complex has been transformed into a commercial office complex, with 42 work studios, while retaining the existing shops and lobby.
The Valhalla studios have been developed by W Property.
David Brown, principal of the selling agent DB Property, said there has been strong demand from small service companies keen to buy and lease space in these types of buildings. ..."

Read the full article from The Sydney Morning Herald here.

Coming soon, Valhalla remade as office space

By Sunanda Creagh , The Sydney Morning Herald
"THE old Valhalla cinema in Glebe is likely to be turned into office space, despite objections to the proposal.
The City of Sydney's acting director of city planning, Giovanni Cirillo, has recommended the council approve the conversion of the cinema, which closed down in August 2005.
Under the plan, the exterior of the 1938 building would be retained, and a mezzanine and 38 commercial office suites installed.
The application will be decided at Monday's planning committee and several councillors say it is likely to go ahead.
"There's a fair chance it will be supported by the committee," John McInerney said yesterday.
Cr McInerney said he did not want to see the building remain vacant. "I think it's acceptable," he said. "We are advised that the main parts of the building - the cinema itself - will be subdivided and will be able to be turned back into a cinema if someone decided in the future to do that."

Read the full article from The Sydney Morning Herald here.

Valhalla sells for office space

by Garry Maddox, Sydney Morning Herald

"A SYDNEY film icon, the Valhalla cinema in Glebe, has screened its last movie after being sold to a property developer. It had been passed in at auction late last year, but the arthouse operation has sold for $2.95 million to W Property for conversion into offices.
The cinema closed last August with its long-time owner and manager, Chris Kiely, blaming the popularity of DVDs and the poor quality of recent releases. Mr Kiely said he was relieved to finally sell. "The sadness was last year when the realisation hit that it could never be a goer again," he said. The new owners plan to retain the exterior and foyer in an office development aimed at the "creative sector" including architects and the film industry.
Built in 1937 and used at times for theatre and music, the Valhalla thrived as an avant-garde cinema for film buffs in the 1980s. "In those days, we were getting 300 people for a double feature," Mr Kiely said.

Read the full article from The Sydney Morning Herald here.

Historic Sydney cinema wins protection

"The art-house Valhalla Cinema at Glebe in Sydney's inner-west has been placed on the National Trust Register.
The piece of cinematic history was passed in at auction last week and is still without a buyer.
The trust's deputy conservation director, Graham Quint, says the listing recognises the site's architectural significance and its social significance as a venue for alternative cinema and for film-makers to view their craft.
"It's ironic there are quite a lot of 1930's cinemas surviving in country New South Wales and we are down really to the last few in the city of Sydney, and particularly the cinemas that are so vital to providing alternative movies and other cities have them and we really do need to retain them in the city of Sydney," he said."

Read the article from ABC News here.

Curtains close on Glebe's Valhalla Cinema

"The Valhalla Cinema in the inner Sydney suburb of Glebe has been screening art house films since 1979, with many famed directors showing their first films there.But this week the Valhalla will screen its final offering, and its closure appears to be the start of a trend for those Australian cinemas which have been willing to spurn high revenue pictures and instead screen non-mainstream movies. From the Valhalla in Sydney, Brendan Trembath reports. ..."

Read the transcript from the ABC's "The World Today" here.