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This former theatre could be yours, just prepare to pay $3.8m to do it up
Details released for the sale of a former theatre in Dunedin, which requires an estimated $3.8m renovation to fix up.
AI summary
Dunedin's former Fortune Theatre, a Category 1 Historic Place, is for sale by the Dunedin City Council. The council is seeking proposals from buyers who will preserve the building's heritage and bring it back to active use.
A significant investment is required, with a report by Flanders Marlow Limited estimating $3.8 million in renovations to make the property tenantable. This includes extensive work on the roof, flooring, and heating. The council aims to reduce maintenance costs and secure the building's future.
A former theatre could cost up to $4m to revert it to tenantable space, an official report has revealed, with council seeking prospective buyers.
The final curtains for Dunedin’s former Fortune Theatre were in 2018, but it was far from the final act for the historic Stuart St building.
The Dunedin City Council voted to dispose of the building, which cost ratepayers around $122k annually in maintenance, including running dehumidifers to prevent mould growth.
The Category 1 Historic Place building began life in 1870 as the Trinity Methodist Church, before it was taken over by a professional theatre venue in 1978, however, its next act was far from certain.
On Wednesday, the council released a stack of documents concerning the building as it sought proposals from prospective buyers of the property.
Those interested parties better be quick, they have until Monday August 17 to submit their proposals.
The Fortune Theatre moved into Dunedin's Trinity Methodist Church in 1978. Photo: Hamish McNeilly
An information pack for interested parties noted that: “Repairs are needed before the property can be used”.
That may be an understatement.
The property was described as being designed in a Gothic revival style and comprises three levels, basement, ground floor and a mezzanine area.
It was constructed of solid masonry and timber, the primary roof is slate, and the secondary roof is clad in copper.
So far, so good.
But a condition report, which was undertaken by Flanders Marlow Limited in 2024, shows the amount of work required.
Those estimates amount to $3.8m, including extensive work required for the roof, flooring and heating an ventilation.
The former Fortune Theatre, on the corner of Stuart St and Moray Pl, Dunedin. Photo: Hamish McNeilly
Meanwhile, the council was encouraging interested parties to submit a proposal, particularly those who wanted to purchase the property and “use it in a way that respects and preserves the historic nature of the building”.
While council had not made any decisions on whether it would prefer the property to be used for commercial, community, residential or some other purpose, it wants “to ensure that the property will be brought back to life through active re-use, and that the property will be preserved for future generations”.
The official notice for the building noted that it had been “declared surplus to DCC requirements”.
Under the request for proposal, council would ultimately decided on which proposal or proposals (if any) would progress to the next stage.
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