Melbourne’s iconic Astor Theatre could be saved by a takeover bid from Palace Cinemas, if an agreement can be reached between the company and Astor Theatre’s operator and landlord. A conditional offer from Palace Cinemas has now been made.
According to Port Phillip Leader, Palace Cinemas’ chief executive, Benjamin Zeccola, expressed interest in the art deco cinema soon after its long-time operator, George Florence, had completed his final quarterly program. The plan to save the Astor will reportedly involve Zeccola leasing the building from owner Ralph Taranto and keeping Florence on board as a contractor.
Talks have been carried out about the potential deal, but the agreement also depends on a consensus being reached over trademark rights, equipment and fitting related to the Astor. “No formal agreement has been entered into, we are hopeful for the future,” The Astor have posted to Twitter.
Advocacy group Friends of The Astor (FOTA) have shared their excitement regarding the possibility of a takeover on Facebook. On Sunday, 14th December, the group said they “are delighted that Palace Cinemas have made a conditional offer to the landlord to lease the Astor Theatre, and to George Florence to retain his involvement in the programming and operation of the cinema”.
“Under Palace Cinemas’ care it will remain a single screen cinema, and the interior will remain unchanged, apart from necessary repairs,” the group continued. Read their post in full, below.
FOTA spokeswoman Vanda Hamilton has told the Leader the group welcome the news, despite Palace Cinemas being a for-profit organisation. “Our preference would have been to have the building owned by a not-for-profit trust, but it just wasn’t going to happen. This is the next best thing,” Hamilton said.
Florence has said the Astor’s equipment would cost $2 million to replace, with the building itself being worth roughly $4 million. Taranto has previously refused to renew the Astor’s lease because of a rift with Florence.
The Astor was originally set to close its doors in 2015. If the agreement with Palace Cinemas falls through, the Astor Theatre will screen its final film – Stanley Kubrick’s 2001: A Space Odyssey – on 5th April. View the Astor’s final program at the Astor Theatre website.
