After months of speculation, Live Nation has taken over the lease of the cultural icon 1927 art deco building, The Palais Theatre in St Kilda.
Live Nation Australia and New Zealand president and CEO Michael Coppel states: “Live Nation Australia is thrilled to have been successful in securing the rights to operate the Palais Theatre. Both 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 venue is to the St Kilda community and to the people of Melbourne in general, and what a very special performance space it is.
“To have been granted stewardship of this iconic venue carries a great responsibility, and we will seek to restore the Palais to its former glories, to better adapt it to the changing requirements of live performances, and to operate it for the benefit of all stakeholders, hirers, staff and patrons.
“We look forward with great enthusiasm to successfully navigating the opportunities that lie ahead.”
The City Of Port Philip has made the following announcement: "Live Nation's proposal met or exceeded all our objectives and we are excited at what can now be delivered for our community and live music fans across Australia. We welcome Live Nation aboard and look forward to this much loved St Kilda venue delighting audiences for years to come."
Live Nation will establish the Palais Theatre Community Fund, which will add a 50 cents contribution from every ticket sold. They hope to generate more than $4 million over the life of the lease. The length of this long term lease with Live Nation is 30 years and the agreement starts from the 1st of April 2017. As part of the lease, Live Nation will complete $7.3 million in redevelopment works within the first five years. Labor committed $13.4 million to restore the deteriorating theatre and The City Of Port Philip has also promised $7.5 million to bring this stylish music venue back to it's former glory.
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