Situated in Brisbane's main thoroughfare, Queen Street, between Albert and Edward Streets, the Regent Building was located within the city's central shopping, business and entertainment precinct. It was constructed on a number of contiguous land parcels with one long, narrow lot (2/RP49279) having frontage to both Queen and Elizabeth Streets, and a number of contiguous lots facing Elizabeth Street. The shape of the allotments, determined the theatre's plan. The narrow Queen Street lot comprised the entrance hall and grand foyer, giving the theatre a prestigious Queen Street address, while the auditorium was constructed on the broad part of the site in Elizabeth Street. The Queen Street lot had been acquired in the 1850s by Patrick Mayne. Its ownership later passed into the possession of two of his children; Dr James O'Neil Mayne and Mary Emelia Mayne. The Elizabeth Street lots, where the original theatre was constructed, comprised three additional lots; one of which had also been acquired by Patrick Mayne in the 1850s (L217/B11826) and passed to his children after his death. The remaining two lots (L1/RP574 & L1/RP575) that comprised the theatre site were purchased by film director and entrepreneur J. C. Williamson in 1928 and transferred to Hoyts Theatres Ltd in June 1929. Dr James Mayne leased the Elizabeth Street allotment and part of 2/RP49279 to Capitol Theatres Ltd for 50 years from 1 December 1927, which transferred both leases to Hoyts in September 1932. After James and Mary Mayne died in 1939 and 1940 respectively, their estate was left to the University of Queensland as the sole beneficiary.