Melbourne Lord Mayor Nicholas Reece has withdrawn plans to sell the City of Melbourne's stake in the historic Regent Theatre. This decision comes after Mr. Reece indicated during his mayoral campaign last year that he would consider selling the council's 51% stake in the heritage-listed theater on Collins Street, a proposal that sparked considerable debate.
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02-22, 2025The Victorian State Government also holds a share in the theater, which is operated by the Marriner Group and estimated to be worth around $40 million AUD. Mr. Reece stated that he changed his mind about proceeding with the sale after strong public opposition to the plan, reflecting a shift in his initial perspective.
Mr. Reece admitted: "I completely underestimated the passion and feeling that Melburnians have for the Regent Theatre, and its importance in the Melbourne theatre ecosystem and the arts scene. I acknowledge that I got it wrong. I will not be pursuing that policy. I've listened to the people, passionate Melburnians, and I am abandoning the plan to sell the Regent Theatre."
The proceeds from the theater's sale were originally intended to be reinvested in a range of initiatives, including providing grants for local artists and small businesses involved in hosting live music, as well as new spaces for not-for-profit organizations. Furthermore, funding would have been allocated to a new event in 2026 called "City to Solstice Winter Festival," demonstrating a commitment to cultural enrichment. As a condition of the theater's sale, the new owner would also have been required to reserve 1,000 tickets annually for students from Melbourne's public schools to attend performances at the theater.
Mr. Reece explained: "My logic was that now it is a successful commercial theatre that can stand on its own two feet, it could be sold and the proceeds used for community arts, but I failed to understand the broader picture. The Regent Theatre is a beautiful theatre that has staged so many shows in our city. It is operated by the Marriner Group and will continue to be operated by them, and ownership will remain public."
The plan had received support from some independent theater companies, including La Mama Theatre, as well as some councilors. However, other mayoral candidates and councilors expressed opposition. Last year, the state government stated that it had demonstrated a commitment to "providing investment and ongoing support for the Regent Theatre," reinforcing its dedication to the venue's preservation.
The Regent Theatre was built in 1929 and operated as a cinema until it was severely damaged by fire in 1945. The theater closed in 1970 and was originally slated for demolition to make way for City Square, but it was saved due to a public campaign to preserve the venue. The Builders Labourers Federation also placed a union green ban on the building, preventing demolition of the site.
After being vacant and unused for 26 years, the Regent Theatre reopened as a live theater and has staged renowned productions such as Sunset Boulevard, Wicked, Jersey Boys, and Moulin Rouge! The Musical, solidifying its position as a premier entertainment destination.
