The Majestic Theatre on Flinders Street (Russell Street to right of image), was built as a cinema in 1912, and remodeled by Cowper, Murphy and Appleford (who also did Yarraville's Sun Theatre) as seen here in 1936.
This was to compete with the newer 'Picture Palaces' such as the Esquire, State, and Odeon Theatres. 'Thoroughbred' was a local film of that year based on the story of Phar Lap.
Modernised again and renamed the Chelsea Theatre in 1960, in a renovation which left very little to recommend for preservation. Sadly, demolished for offices in 1986.