US operator to run Palais Theatre for next 30 years
Melbourne’s historic Palais Theatre in St Kilda has quite literally been given a new lease on life, with a new operator winning a bid to lease the iconic venue for the next three decades.
US-owned events company Live Nation will run the famous venue, which has existed on the St Kilda foreshore since the early 1900s, after being unveiled as the successful bidder for the theatre’s 30-year lease.
The lease will net Port Phillip Council almost $60 million over the life of the agreement, with the council also revealing Live Nation will attach a 50c surcharge to every ticket to aid in the property’s upkeep and restoration.
The council received three submissions from groups interested in operating the theatre, with current operator Palais Theatre Management eliminated from the process early.
The Palais came perilously close to being shut in 2014 as funding was desperately required for urgent works, including an electrical overhaul
Live Nation and and Sydney-based Playbill Venue Management remained in the running, with the council making its decision in a closed meeting in late May.
Port Phillip mayor Bernadine Voss says Live Nation best met the council’s criteria and will contribute to the Palais’ restoration.
“We took the time to get a rigorous two-stage evaluation process right as we wanted the best outcome for Australia’s largest seated live performance venue and our community,” Cr Voss says.
“The Palais came perilously close to being shut in 2014 as funding was desperately required for urgent works, including an electrical overhaul.”
“This makes today’s announcement even more impressive. As part of the lease, Live Nation will complete $7.3 million in redevelopment works within the first five years.”
We wanted the best outcome for Australia’s largest seated live performance venue and our community
Live Nation CEO Michael Coppel says he hopes to “restore the Palais to its former glories”.
“As a major presenter of live events and as a Melbourne-based and staffed music business firm, we are very aware of how important the Palais is to the St Kilda community and the people of Melbourne in general, and what a very special performance space it is,” he says.
