Melbourne’s Regent Theatre Sale Proposed to Fund New Arts Initiatives

Melbourne’s Regent Theatre, a historic former picture palace located on Collins Street, could soon be sold off to finance new arts and cultural projects if Nick Reece is re-elected as Melbourne’s lord mayor. The proposal involves selling the City of Melbourne’s 51 percent stake in the theatre, which is valued between $40 million and $50 million, with the remaining share owned by the state government. Reece aims to redirect the proceeds from the sale into revitalizing the city’s arts scene, including launching a new festival and establishing creative hubs for artists.

The Regent Theatre, part of Melbourne’s East End Theatre District, is one of the city’s most iconic venues. Designed by architect Cedric Ballantyne, it opened in 1929 and was originally built as a lavish 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 like “The Lion King,” “Wicked,” and “Moulin Rouge.” It is listed by the National Trust of Australia and included on the Victorian Heritage Register.

Reece’s proposal to sell the Regent Theatre is part of a broader strategy to reallocate city assets in response to current cultural and economic needs. The sale proceeds would be used to create a new “City Solstice Winter Festival,” modeled on the popular White Night festival, which would expand the existing Docklands Firelight Festival into a large-scale, city-wide celebration of art. The aim is to make the festival commercially viable and a long-term fixture on Melbourne’s cultural calendar.

In addition to the festival, Reece plans to establish new artist residencies and creative hubs for non-profit arts groups, similar to the Collingwood Yards, through long-term leases and permanent opportunities. Potential locations include West Melbourne Yards, Carlton Yards, or repurposed CBD office buildings, providing much-needed space and resources for artists and cultural organizations. A further $1 million over three years would be allocated in small grants to support Melbourne’s live music scene, benefiting local artists and the small businesses that host live performances.

Moreover, Reece has earmarked $2 million from the Regent’s sale 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 Regent. This initiative aims to foster a love of the arts among young Melburnians and ensure that the next generation can experience live theatre.

While there are concerns that the Regent Theatre may not remain a theatre post-sale, Reece is confident that its heritage protections and the thriving state of Melbourne’s theatre industry will ensure its continued use as a performance venue. The theatre’s historical significance, architectural grandeur, and central role in the city’s cultural life make it a valuable asset, not just in financial terms, but as a symbol of Melbourne’s artistic heritage.

The proposed sale of the Regent Theatre follows the recent disposal of another key city asset, Citywide waste and recycling, for $110 million. Reece argues that the current market conditions and the robust state of Melbourne’s arts and theatre industries present an opportunity to strategically divest from these assets and reinvest in initiatives that directly support the city’s evolving cultural landscape. He emphasizes that the sale is not a reckless offloading of city treasures, but a calculated move to unlock value and invest in Melbourne’s creative future.

By reallocating the funds from the Regent Theatre sale, Reece envisions a thriving, dynamic arts sector that reflects the city’s creative spirit and supports its artists, performers, and cultural communities for decades to come. This strategic reinvestment aims to ensure that Melbourne remains a leading cultural capital, celebrated not just for its historic venues, but also for its vibrant, contemporary arts scene.