Investors Set To Swoop On Melbourne’s Palace
News posted Wednesday, June 20 2012 at 10:00 AM.
Related: The Palace.
Developers and nightclub operators are reportedly set to swoop on Melbourne's The Palace.
Property Observer reports that the Melbourne venue is now on the market, attracting interest from foreign investors, potential owner-operators and publicans who may be looking to return to the venue to its former “glory days” as popular teen nightspot The Metro.
However, sale agent Mark Wizel said early interest in the property has centred on its potential as a high-density residential development. “Sites of this size at the top end of Bourke Street are not readily available for acquisition and, as a result, we are anticipating strong interest from local and overseas buyers, with a particularly high level of enquiry expected from Singaporean, Malaysian and mainland Chinese developers,” Wizel told Property Observer.
Erected in 1860, The Palace operated initially as a theatre before being converted into a nightclub under the ownership of a private business group in 1987. It was acquired in 2007 by property developer Jerry Pilarinos, who formerly owned the Palace Entertainment Complex in St Kilda. Since then, it’s hosted the likes of Nick Cave, Queens Of The Stone Age, My Morning Jacket, Arctic Monkeys, Girl Talk and the recent Hoodoo Gurus testimonial, Dig It Up!. Upcoming gigs include Lana Del Rey, Pennywise and a mysterious act from the UK.
The 1800-capacity Palace is one of the few mid-sized venues left in the CBD, in addition to The Forum (1500) and Billboard (900). It follows news that Brisbane’s The Tivoli and Sydney’s The Basement are also up for sale.
(Photo by Robert Carbone)