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Opera Australia site up for sale

13 Sep 2015

Opera Australia site up for sale Image

Opera Australia (OA) has put its Southbank headquarters and rehearsal studio at City Rd on the market.

The company has engaged CBRE as the commercial realtor for the sale of the Melbourne Opera Centre.

According to an OA spokesperson, the organisation has reached an agreement with the owner of the adjacent property to sell the two properties together in order to maximise the sale price, which could realise as much as $25 million.

“The sale of the Melbourne Opera Centre is all about confidence about OA’s future in Melbourne,” the spokesperson said.

“The sale of the Melbourne Opera centre is in response to an advantageous market situation and the proceeds from the sale will be used to further consolidate OA’s asset base.”

While the company is not quitting Melbourne, the spokesperson said that it had outgrown its current facilities.

“The sale will give OA the opportunity to purchase new Melbourne premises better suited to accommodate full orchestra rehearsals with chorus and soloists and provide more space and better facilities for patron events,” the spokesperson said

“Melbourne will continue to be the home of OA’s regional touring and schools tours division and commercial division."

“OA currently gives back to the arts sector by providing discounted rehearsal and meeting spaces for small companies unable to afford commercial rent. A larger, more up-to-date facility will enable OA to accommodate more small performing arts companies.”

A leaseback option means OA can continue to use the Southbank site for up to three years, as it searches for bigger premises.

While it was looking at options available in the CBD, it is possible the company could share a studio with another company in Southbank as an interim option.

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