Golden City Theatre - news article on its Sale for redevelopment - September 7, 1956
Five years after its opening, the theatre was sold for redevelopment, buiding, seats, equipments including I think the kitchen sink. Briefly some highlights in the article: appraised at about HK $1 million, it was scooped up by a bidder in three minutes for $ 1.31M the only bid; land area 13,742 sq ft; buyer to acknowlege rights of current tenants to continue to use other areas.
Other financial aspects in the article particularly the 99-year bit are beyond my level of understanding. The article stated due to its location, the site is worth at least $100 per sq ft., and that the buyer got a good deal when all the hardwares were included in the deal. To make a meaningful assessment, readers can confirm if the price paid did not include purchase of, and ownership of the land.
Photo source: uwants.com - post #718 by user 4rex - http://www.uwants.com/viewthread.php?tid=14833421&page=48#pid202690258
Comments
I had watched The King and I
I had watched The King and I at the theatre with my mother in 1957 when I was three years of age. I have no memory of the theatre as I was too young at that time.
The theatre building collapsed during demolition in 1958.