Melbourne nightclub Metro for sale

Ninety nine years after it was developed, the Palace Theatre, known to a generation as the Metro nightclub, is for sale.

It is vacant and expected to attract developer interest.

Agents say the property (20-30 Bourke Street) could trade for more than $20 million.

Given the zoning a c140-metre tower could be considered.

Publican Jerry Pilarinos is the vendor; he paid Bourke Property Group $9.8m in mid-2007 to occupy.

The site spreads 1454 sqm.

Melbourne Revival Centre once occupied the theatre.

A plan previously reported in The Age suggesting the owner would sell the site to a developer for a 40-storey building, appears off the table.

Colliers International’s Bryson Cameron and Matt Stagg are understood to be marketing The Palace property off-market.

Mr Pilarinos holds other metropolitan investments and developments sites; he held South Yarra’s former Lamborghini dealership which is now a 14-level, 99-unit residential complex, Tresor.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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