Foundation Theatres’ New Investment Will Open Up More Theatre Spaces In Sydney

Theatre owner, operator and production investor Foundation Theatres have executed an exclusivity agreement and binding term sheet which will see The Star divest The Star Sydney Event Centre and other additional spaces to Foundation Theatres. Under Foundation Theatres, the Event Centre and additional areas will be converted into new, flourishing theatre, live entertainment and contemporary music venues.

Planning for the development and funding of the new Event Centre has commenced, with the venue set to transform into a 1550 seat Broadway style theatre. While commencement of construction stays pending, the Event Centre will continue to host a variety of shows and events.

In addition to the Event Centre plans, Foundation Theatres have started planning for the development of the additional spaces, one being a contemporary music venue that’ll house up to 1000 attendees, and the other being a flexible venue for theatre, cabaret, comedy and concerts for up to 550 people. These developments are set to be ready for operation in the third quarter of this year, and the second quarter of 2026.

CEO of Foundation Theatres Graeme Kearns said the developments of new theatres were “much needed” for Sydney.

“Our plans to build a much needed Broadway style theatre in Sydney have cleared a major hurdle with our transaction for the Event Centre,” he said. “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.”

Once all projects are completed, Foundation Theatres will be responsible for the operations of five live performance venues within The Star Sydney complex, including its existing Sydney Lyric and Foundry Theatre, and joining Capitol Theatre’s great success, further catapulting Sydney as a notable entertainment destination in Australia.