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As part of his re-election campaign, Melbourne Lord Mayor Nicholas Reece is proposing the sale of the City’s 51% stake in the Regent Theatre - with the proceeds to be invested back into the local arts scene.

The Regent Theatre, a historic former picture palace located on Collins Street, which has a value of between $40 million and $50 million, is currently jointly owned, with the Victorian Government holding the other 49%.

Reece said the money would be reinvested into a number of initiatives including grants for local artists and small businesses involved in hosting live music, and new spaces for not-for-profit organisations such as Collingwood Yards.

He said the proceeds would also go towards creating a new event for 2026 called the City Solstice Winter Festival (modelled on the popular White Night festival), and supporting community markets, including the new Lygon Street Market in Carlton and the Docklands Sunday market.

Currently managed by the Marriner Group, in recent years the Theatre has hosted hit musicals such as The Lion King and Moulin Rouge.

Its history dates back to 1929 when, designed by architect Cedric Ballantyne, it opened as picture palace featuring an ornate Gothic lobby, a Louis XVI-style auditorium, and a Spanish Baroque Plaza Ballroom in the basement. The theatre was conceived as the flagship of Hoyts Theatres director Francis W. Thring’s Regent theatre circuit, drawing inspiration from grand movie palaces in the United States. Over the decades, it has become a key piece of Melbourne’s cultural fabric, hosting everything from silent films to major stage productions.

After closing in 1970 due to declining popularity of grand picture palaces, the Regent faced potential demolition. However, a determined community campaign, including support from theatre enthusiasts and former staff, successfully pressured the City of Melbourne to purchase the theatre, ultimately preserving it as a cultural landmark. The theatre remained unused for over two decades until it was restored and reopened in 1996 as a live theatre venue, hosting events such as ballets, fashion shows and musicals.

It is listed by the National Trust of Australia and included on the Victorian Heritage Register.

Sale Plans
If sold, Reece also plans to allocate $2 million from to support the operational needs of theatres and not-for-profit arts groups across Melbourne over three years, along with another $2 million dedicated to local festivals and community markets. This includes supporting new initiatives like the Lygon Street Market, A Day in Carlton, and the Docklands Sunday Market, aimed at invigorating local communities and providing platforms for emerging artists and performers.

As part of the sale conditions, Reece also proposes allocating 1,000 tickets annually to public school students in the City of Melbourne, ensuring broader access to live performances at the venue.

Advising that the potential sale would be the biggest boost to Melbourne's arts and creative industries in decades, Reece told the ABC “we know a lot of community theatres, not-for-profit art groups, the live music scene, are all struggling at the moment.

"We think the value of the city's shareholding in the Regent Theatre could be better used to help out community arts groups and others that are really struggling."

The City of Melbourne council elections will be held in October.

Images: Melbourne’s Regent Theatre hosts Moulin Rouge in 2021 (top) and the interior of heritage listed venue (below). Credit: The Marriner Group.

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