The sale of Preston’s former Rivoli Theatre has been a slow motion production.
The block spanning over four titles at 71-75 Gilbert Rd entered the market in March 2016 with a $5 million price tag.
A petition from Darebin councillors Kim Le Cerf and Steph Amir to purchase the theatre — as well as the former London Chartered Bank of Australia — and convert it into an art space received over 1000 signatures in 2016.
The former bank has subsequently been converted into luxury apartments, which are now on the market.
Biggin & Scott director Angelo Bafunno said the owners of the old theatre were now chasing about $3.9 million.
“It has been sitting on the market for a long time,” Mr Bafunno said.
“There has been interest above $3 million but the owners would like more.
“It is an iconic site that rarely comes along.”
City of Darebin Mayor Susan Rennie said the council’s budget does not allow for the purchase of a new arts centre in Preston.
“Given limited financial resources, one of (our) priorities is to maximise community outcomes from existing arts centres,” Ms Rennie said.
“There is not a particular protection that would prevent redevelopment occurring.
“However, developers often seek to retain building features because of the character they bring to a new development.”
With lots of local interest, Mr Bafunno said restoring the theatre would be fantastic for the area.
“People would love to see the Rivoli brought back to a cinema or some type of art gallery,” Mr Bafunno said.
“Especially now that Miller and Gilbert St have become trendy spots with cafes and gelato stores.
“It is about what can and can’t be done for the amount of money that is being asked.”