Star Casino $60m sale advances Sydney’s next theatre precinct

Star Casino m sale advances Sydney’s next theatre precinct

The three new venues would be in addition to Foundation’s Lyric and the boutique Foundry Theatre, which opens at the rear of the Lyric on February 11, producing a five-venue West End-style theatre district.

Construction and conversion costs are estimated at more than $100 million, with the new venues to be opened by 2026.

The proposed Live Room in concert mode.

The proposed Live Room in concert mode.Credit: Foundation Theatres

The stage of the new Broadway-style theatre would be of comparable size to the Princess Theatre in Melbourne, where Harry Potter and the Cursed Child conducted its record-breaking three-year run, and Her Majesty’s Theatre in Adelaide.

Foundation Theatre’s chief executive Graeme Kearns said he expected the new venues would satisfy demand for commercial theatres in Sydney, a cornerstone of east-coast theatre tours, for more than a decade to come.

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“Our plans to build a much-needed Broadway-style theatre in Sydney have cleared a major hurdle with our transaction for the Event Centre,” he said.

“The conversion of the Event Centre represents the most commercially viable option for a new theatre in Sydney.

“The additional venues that we are planning will be a great addition to the live performance ecosystem of Sydney as the industry continues to grow and thrive.”

This might not, however, be the only imminent addition to Sydney’s theatre sector.

Last year, Gretel Packer’s company Sacred Firebird purchased the Metro Minerva Theatre in Kings Cross from the developer Central Element for about $26 million, with theatre supporters hoping the art deco theatre will soon return to its theatrical roots.

Paul Nicolaou, executive director of Business Sydney said the acquisition helped give Star Entertainment “much-needed breathing space to work its way out of its current difficulties”.

“With Foundation Theatres’ acquisition of The Event Centre and additional spaces, Sydney gets the benefit of some exciting new venues to host theatre, live entertainment and contemporary music,” he said.

“This announcement is a classic win-win for our wonderful city.”

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