THE site of the former Tower Cinemas in Newcastle is for sale again.
The property is listed with selling agents Adam Leacy and Sebastian Kavanagh from Commercial Collective with an asking price of $3.95 million.
It is the second time the building at 183 - 185 King Street has been offered to the market since the closure of Tower Cinemas in December 2018.
The former owners, Event, attempted to lease the building in 2019, however, the property was sold to in December 2021 to from Beresfield-based construction firm RTC for $2.9 million.
Mr Leacy said RTC's commitment to government projects had led the owner to list the building for sale.
"The owner has two big government contracts in his current business which he has to stay committed to," Mr Leacy said,
"Ultimately, his vision was to occupy this site but at the moment it's just not something he can fit in."
Mr Leacy said the owner had envisioned transforming the building into a hospitality hub with a wedding venue, theatre and restaurant.
The agent added that the building had also drawn enquiries from buyers which had led the property being taken to the market.
"We've had a few unsolicited offers on the property which is what has prompted us to take it to market," he said.
In March, the Newcastle Herald reported that an indoor rock climbing company was in the planning stages to operate in the upper level of the building and that the ground floor was up for lease.
As recently as July, City of Newcastle had expressed "keen interest" in using the ground floor of the vacant building as a temporary art gallery.
The building's owner had lodged DA plans for the former cinema site, including the gallery space and indoor rock climbing centre.
"There are potential tenants that are there presently, so we are still in discussions with them," he said.
Mr Leacy had previously ruled out rumours of the building being developed as apartments due to nearby infrastructure that would make it impossible to increase the height of the site.
The property is zoned for mixed use which enables a range of opportunities across the building.
The area size of the building is 3688 square metres.
The former cinema has three auditoriums over two levels and a foyer located on the ground floor with the original candy bar.
The agent said the auditoriums could be utilised for recreation, hospitality, entertainment, religious or educational uses.
Tower Cinemas opened in 1976.
A "Save the Tower" community campaign tried unsuccessfully to keep the inner-city's last remaining cinema open.
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