UPDATE Mon Mar 31: It's a sad day today, as it has been announced that the Palace will NOT be saved, despite the music community's best efforts. On May 31, Jinshan Investments will order the venue's operators to cease trading. The venue, which dates back to the early 1900s, will be demolished to make way for apartments and a hotel complex.
The Palace has seen many face changes over the years, from its inception as a theatre in the early 1900s through its days as the Metro, to its current incarnation as one of Melbourne's best music venues.
Sitting pride of place at the top end of Bourke, the Palace is as central as you can get in Melbourne. Step inside and it's like a timewarp back to the golden days, with a beautiful foyer giving way to tiered stalls curling round the stage.
As it changed hands in late-2012, the Palace is set to undergo another transformation, with the new developer presenting plans to replace the building – the facade of which is heritage-listed – with a 30-storey apartment. Live music fans are petitioning to save the venue, and it's business as usual for the time being, with gigs booked in until November 2013.