Multi-Million Dollar Refurbishment of Hines Property’s Rundle Street Holdings
A multi-million dollar refurbishment of the Palace Nova Cinemas complex has been completed expanding the number of cinema screens from 6 to 11 and providing for more than 730 seats for patrons.
In November 2016 Palace Nova announced they would consolidate their Adelaide operations into Hines Property’s cinema complex to the northern side of Rundle Street.
Hines Property acquired the prime East End property off market in December 2015 and negotiated the revised leasing arrangements with the Palace Cinema Group and Nova Cinemas, including a major refurbishment of the property.
The 1,800sqm property is located in the heart of Adelaide’s East End precinct and has dual Rundle Street access points.
James Hines, Managing Director of Hines Property, says the property has enormous future development potential due to its size and location.
“Hines Property has invested heavily in the Adelaide market over the past 14 years and we’re always on the lookout for new opportunities,” said Mr Hines.
“Ultimately, the property represented an excellent opportunity for Hines Property to acquire another prime future development site with medium-term holding income.”
Established in 2003, Hines Property is a privately-owned property group focusing on high-rise residential, office, hotel and mixed-use development projects. It has been responsible for over $350 million worth of high-rise developments in the Adelaide CBD, including three major hotel developments and multiple apartment towers incorporating more than 400 apartments.
Hines Property is the largest owner of hotel accommodation in the Adelaide CBD, with more than 600 hotel rooms in its investment portfolio including the upscale Crowne Plaza Adelaide Hotel and the premium economy Ibis Adelaide Hotel.