A much loved theatre at 210 Petrie Terrace will be preserved after it was snapped up by Ad Astra theatre company for $3 million.
The property has been home to the Brisbane Arts Theatre since 1961 after the property was purchased by the theatre for just £6000 in 1956.
After being hit hard by the pandemic, the Brisbane Arts Theatre made the difficult decision to put the iconic theatre on the market through Ray White Commercial QLD agents Michael McCullagh and David Atkinson.
“I am excited to see 210 Petrie Terrace continue its use as a theatre after being snapped up by Dan and Fiona Kennedy at Ad Astra theatre company,” Mr McCullagh said.
“The 723sqm site was redeveloped and purpose-built as an arts theatre by the Brisbane Arts Theatre, and comprises two adjoining buildings.
“The first building is a brick and block theatre with a box office, bar and refreshments area, auditorium, bathroom, and dressing room facilities.
“The second building is a period timber dwelling converted for costume storage with a low bay workshop underneath.
“Dan and Fiona already have plans to refurbish the theatre.”
Located just 1km from the Brisbane CBD, Mr Atkinson said the property was in a high-profile spot, providing plenty of opportunity for the theatre.
“Petrie Terrace is one of Brisbane’s most iconic suburbs and includes a mix of residential, office and retail properties centred around Suncorp Stadium and Caxton Street, Brisbane’s premier sporting and entertainment precincts,” he said.
“It’s nestled amongst an array of other early 1900s buildings.”
Brisbane Arts Theatre president Tallulah Grey said they felt mixed emotions about the sale, but were starting to look for a new home for the Brisbane Arts Theatre.
“It is with mixed emotions, but much relief and gratitude, that I announce that 210 Petrie Terrace has been sold to Dan and Fiona Kennedy as of January 2023,” Ms Grey said.
“We are so pleased to confirm that the location will remain as a theatre going forward, and will be the future home of the Ad Astra theatre company.
“Brisbane Arts Theatre will remain leased tenants for the next 18-30 months in our current location, and, after that, 210 Petrie Terrace will remain the home of our Children’s Theatre program for the foreseeable future.
“This is the start of a new friendship, and we look forward to building a stronger, more symbiotic relationship with Ad Astra in the coming years.”
Mr Kennedy said he and Fiona believed the iconic theatre was worth saving.
“Fiona and I think it is wonderful that we are able to help save a landmark like the Brisbane Arts Theatre from demolition and preserve such an important venue for Brisbane’s theatre scene,” he said.
“We look forward to a long and happy association with Brisbane Arts Theatre.”