A global developer has been holding preliminary discussions in recent months with potential stakeholders as the State Government, City of Melbourne, associations as Music Victoria and a number of promoters before going public with its plans.
Its idea is to buy and restore the 1912 building to its pristine originality. It is understood that its intentions are to keep it as a live music venue (retaining the Palace Theatre name) and further turn the space into a music industry hub.
However, the ultimate decision will remain with its current owner, Jinshan Investment Group, as to whether to sell it or continue with plans to bulldoze the building and build its hotel and apartments. As reported by Beat previously, its latest application plans have been scaled back and it seems W Hotels is no longer involved after long delays.
Obviously if the Bourke Street building was given heritage protection, Jinshan would have to reconsider its apartment plans.
News of the global developer’s interest was revealed last night as Melbourne City Council deliberated on whether to provide the building with special heritage safeguards.
Music Victoria’s CEO, Patrick Donovan, addressed the councilors before the vote saying that a heritage listing could save it as a venue and that a buyer was interested. “It could be the white knight,” Donovan was quoted as saying, adding that the overseas company had restored theatres in the UK and the US.
The motion was narrowly passed 6:5 in favour of the Palace. A heritage significance assessment report will be delivered next month.
Councillor Rohan Leppert, who introduced the motion, told Beat that last night’s vote had two consequences.
“The direct consequence is that officers will draw up a draft planning scheme amendment as per part three of the motion.
“The indirect consequence is that the officers assessing the current application to redevelop the Palace Theatre — which is due to come back to Council very soon – will need to take last night’s decision of Council into consideration.
“Council has now ‘expressed a will’ if you like to strengthen the heritage status of the Palace, and so this opinion of the planning authority will carry some – but only some – extra weight when the planning officer writes up his assessment. Whether this expression of the planning authority is enough to make the planning officer recommend a refusal to demolish the building or not, no one yet know.”
