The Edge Cinema in Katoomba is up for grabs, with expressions of interest sought for the large site, which may be transformed into a conference centre, bowling alley, religious centre or even a gym.
Agent Peter Vines, from CBRE, said the possibilities were endless.
"It obviously has a number of purpose-built amphitheatres for the cinemas which could be used for many other things. It could work quite well for conferencing but also a bowling alley, childcare or even an education facility," he said. "It would be too difficult and too costly to turn it into serviced apartments or units though."
With four cinemas in the complex, there is also scope for a number of different tenants in the building.
Expressions of interest close on August 28 after which the voluntary administrators, svpartners, will determine the best fit for the site.