DEXUS has joined forces with the NSW government to revitalise Australia’s oldest theatre institution, the Theatre Royal which was established in 1827.
Dexus has entered into a conditional agreement for a 45-year lease with the government, paving the way for a private theatre operator to run the Theatre Royal.
Dexus CEO Darren Steinberg said reviving Australia’s oldest theatre institution will help NSW attract even more great shows to Sydney, providing a boost for the economy and giving the community even better entertainment night-time options.
“More than 25,000 people attend shows every week in NSW. Reopening the Theatre Royal will mean Sydney will have three world-class theatres to host the world’s best blockbuster musicals,” he added.
Major international shows generate, on average, around $20 million in visitor expenditure over a six-month run. They also create hundreds of jobs and give a real boost to our restaurant and bars, cafes and hotels.
The owners of the MLC Centre, Dexus and Dexus Wholesale Property Fund, which recently exercised its option, are planning to activate a redevelopment of the retail and dining area adjacent to the Theatre Royal.
“We look forward to activating our development plans for a vibrant retail and dining precinct to support the success of a future theatre offering, as well as the wider Martin Place precinct and the many workers and visitors to this area every day,” he continued.
Once a private operator is secured for the Theatre Royal it will be refurbished with the potential for expansion from its current 1,100 seat capacity. The state government will begin the tender process for an operator after the election.
Australian Property Journal