Foundation Theatres has announced plans to expand Sydney’s live entertainment landscape following the execution of an exclusivity agreement and binding term sheet with The Star Entertainment Sydney Properties Pty Ltd. The agreement will see Foundation Theatres acquire The Star Sydney Event Centre and additional spaces within the complex, with plans to convert them into new venues for theatre, live entertainment, and contemporary music.
As part of the development, Foundation Theatres has secured planning approval to transform the existing Event Centre into a 1,550-seat Broadway-style theatre. Detailed planning for the design, development, and funding of this new venue is now underway. In the interim, the Event Centre will continue to host a variety of events and performances until construction begins.
In addition to the Broadway-style theatre, Foundation Theatres is also preparing to develop two additional performance spaces:
A contemporary music venue with a capacity of up to 1,000, set to open in the third quarter of 2025.
A versatile performance venue designed to accommodate theatre, cabaret, comedy, and concerts for up to 550 people, expected to commence operations in the second quarter of 2026.
Upon completion of these projects, Foundation Theatres will operate five live performance venues within The Star Sydney complex, adding to its current portfolio, which includes the Sydney Lyric and Foundry Theatre. The company also owns and operates the Capitol Theatre in Sydney
Graeme Kearns, CEO of Foundation Theatres, expressed enthusiasm about the expansion, stating:
Our plans to build a much-needed Broadway-style theatre in Sydney have cleared a major hurdle with our transaction for the Event Centre. 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.
In 2024, the Sydney Lyric welcomed more than half a million theatre-goers to our fantastic shows. With the addition of our new venues, more than one million people a year will see shows at The Star Sydney. We have some exciting new content planned for the venues.
The transaction between Foundation Theatres and The Star Entertainment Sydney Properties Pty Ltd is subject to the finalisation of long-form transaction documents, along with customary conditions, including government and regulatory approvals. Upon completion, the proceeds from the sale will be held in a disposal proceeds account under The Star’s debt facility terms, classified as restricted cash.
