CE Boston Hotels has revealed its $100 million plans to revive West’s Olympia Theatre in Paddington, renowned for housing the Grand Pacific Blue Room in the 1990s.
The joint venture between Sydney-based property developer Central Element and strategic investment firm Boston Global recently lodged a development application (DA) to revitalise Oxford Street and the local precinct.
The original Oxford Street building was initially the site of Marshall’s Paddington Brewery (circa 1860 to 1906) before being replaced by West’s Olympia Pictures in 1911 and becoming a destination for Sydney’s movie lovers for nearly 50 years.
In its 90s heyday, the building’s Grand Pacific Blue Room was the party place to see and be seen. But, after a decade of underuse, it fell into disrepair.
Now, the Sydney landmark will be transformed into a luxury, mixed-use, boutique hotel that truly embodies the spirit of one of Sydney’s best-known and busiest locations.
CE Boston Hotels will skillfully restore and integrate West’s Olympia Theatre’s iconic façade into the new building, which will feature a huge, beautifully landscaped internal garden on the ground floor, visible from the street.
Four guest room floors will feature 101 high-end rooms, food and beverage offerings on the ground and rooftop, plus conferencing, banqueting and medical spaces in two new basement levels.
Designed by architecture firm Tonkin Zulaikha Greer, the adaptive reuse project will also include restaurants, retail stores and entertainment venues.
Daniel Barber, planning manager at Central Element, said: “Subject to the DA being endorsed, the flow-on effect of this project will deliver over 1,000 jobs over the next two years.
“The mixed-use development will also provide significant public benefits and an estimated injection of close to $8 million of additional revenue into the local economy.”
The hotel operator will be announced in the third quarter of 2020, pending approval of the DA.