Still waiting for a buyer for Odeon Theatre

"We are trying to find someone that will bring the old lady back to life."

Real estate agent Layne Harwood stands among the crumbling grandeur of the Odeon Theatre in Christchurch.

The 132-year-old Tuam St building is up for mortgagee sale, but Harwood said that if no buyer came forward then a tenant could be found to use the building as a theatre.

"We are trying to identify a real user who can make it financially viable because it is a magnificent building.

"The tender process will draw out interested parties, but if we can't find a buyer from that process we may try to put together a package."

The theatre had attracted about 20 inquiries from community, religious, theatre and artistic groups.

It is surprisingly intact, with rows of vinyl pull-down seats in the upper circle, an ornate ceiling and a large stage.

But there are signs of decay. A pair of pigeons have made it their home, water has warped some wall panels and cracks have formed in the ceiling.

The stage where Laurence Olivier and Vivien Leigh once performed is now occupied by two bowls of poison to get rid of the pigeons.

The grand windows in the front facade are peppered with bullet holes from random potshots.

Odeon Theatre Trust chairman Nick Paris said the theatre could be preserved and provide central Christchurch with a 700-seat auditorium that community theatre groups could access.

Christchurch film festival audiences could benefit from a single large venue to compete with strong ticket sales in Auckland and Wellington.

"I think film festival lovers would like an opportunity to soak in the ambience and watch a film in the Odeon," he said.

The high refurbishment costs could make it hard to find a buyer. Two key players rumoured to be interested in the theatre have ruled themselves out.

Christchurch Polytechnic Institute of Technology dean of creative industries Jane Gregg said they were not bidding.

"We are not interested in it," she said.

Christchurch City Council chief executive Tony Marryatt said they were also not bidding for the Odeon.

The building was offered to council by property developer David Henderson for $1.03 million when it bought five other properties from him for $17m last year.

"Council will not be bidding at the auction. Council resolved not to purchase the building when it was originally offered because of the cost of refurbishment," he said.

The theatre was bought by Henderson for $1.335m in 2006 and first mortgagee Allied Nationwide Finance has ordered the sale. Tenders for the sale close on December 10.