Another of the slim avenue of options to rescue Melbourne’s historic Palace Theatre from its impending closure has been snuffed out.

Following the news that the iconic live music venue would close its doors on 31st May, live music supporters and the Save The Palace lobby group have been pressuring the Victorian Government to step in and rescue the 2,000 capacity Bourke Street theatre from extinction by purchasing it as part of a ‘mandatory acquisition’ act.

But a disheartening new report in The Age confirms that the state government has “ruled out a move to compulsorily acquire the CBD site.”

Planning Minister Matthew Guy says the government does not have the $30 million needed to acquire the Palace and take over as the venue operator with an aim of continuing its live music legacy. That’s if the venue’s current owners, property developers Jinshan Investments were even willing to relinquish a site that they’ve long been setting to raze in favour of developing a $180 million luxury hotel and apartment complex.

“There is no indication whatsoever that the owners would willingly sell this site, thus a protracted legal dispute, using taxpayers’ money, would be the likely outcome,” said Minister Guy, who had previously rejected Jinshan’s construction proposal on the basis it was “too tall” and “in the wrong location;” only for the owners to resubmit altered plans for their 194-room complex, which are currently awaiting approval by Melbourne City Council.

Minister Guy says the Napthine administration is open to exploring other (very 11th hour) options to save the venue and “is more than willing to talk to the Palace owners, live music operators and the City of Melbourne around protecting this and other venues.” (The promised but still absent implementation of the ‘Agent of Change’ policy would be a nice start). “The end of this lease should not come as a surprise to the Palace Theatre’s operators…”

Greg Young, The Palace’s general manager, is holding his breath for a solution, telling The Age that a benevolent “fairy godmother” could swoop in and broker a deal to purchase the venue. Young and his Palace team have already sent “numerous requests” to Jinshan to extend the lease and their live music occupancy, but all pleas were rejected by the developers. And in a new statement issued to Fairfax, they make it perfectly clear they’re not changing their stance.

“The end of this lease should not come as a surprise to the Palace Theatre’s operators and Jinshan is extremely disappointed at how they have attempted to influence the lease terms,” Sinclair Brook development manager Tim Price tells The Age. He also emphasised that Jinshan had allowed the Palace operators to stay on for another 18 months at “below market venue.”

The developer adds that their plans to knock down the venue for the $180 million hotel was just another in a long series of incarnations over the last 100 years; “The W Hotel proposal is simply the natural evolution of this key CBD site…”

It may seem like all hopes for rescuing the Palace from being demolished” so we can have another fucking hotel in the CBD”, in Soundwave’s Chris O’Brien’s words, are ultimately dashed. But a forthcoming heritage meeting on 2nd May could present an 11th hour opportunity. “The W Hotel proposal is simply the natural evolution of this key CBD site…”

Currently, only the Palace’s facade is heritage listed, but the Melbourne Heritage Action and Save The Palace groups have been pushing to update the listing to protect the remainder of the theatre still under risk.

One figure hoping that the heritage meeting will snatch victory from the jaws of defeat is Melbourne musician and activist Ezekiel Ox (who fans may remember gave a particularly potent call-to-arms at Karnviool’s Palace Theatre gig earlier this year). The Nerve and former Mammal vocalist implores ‘It’s Not Over Yet’, using the mantra as the rallying banner for a new public campaign.

Ox is urging Palace supporters to get out from behind their computer screens and hit the streets in protest and will be hosting public vigils for the Palace outside the venue, every Friday from 5pm to 6pm, to champion the venue’s importance amongst the Australian music loving public until the Palace’s expiry date of 31st May.

The musician tells Tone Deaf the vigils are “a chance for people to observe the space, share stories and information and jam on the streets” and will be hosted every Friday “until the venue is demolished, or we win.”

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