It may have hosted The Beatles, Frank Sinatra and Johnny Cash in its heyday but Melbourne's iconic Festival Hall is set to close, making way for a potential $65 million apartment complex.
The Wren family, who have owned the iconic venue since its construction in 1915, announced on Tuesday they intend to cash in and move on.
"Festival Hall is nearing the end of its life and its viability as an entertainment venue continues to diminish," director Chris Wren said.
"We will likely seek to sell the property within the next few years."
Newer, larger venues like Margaret Court Arena make it hard for the hall to compete commercially, Mr Wren told reporters.
A planning proposal has been lodged with Melbourne City Council for two apartment towers - one of 16 storeys - shops and an office space at the West Melbourne site in preparation for sale.
The redevelopment plan includes demolition of most of the hall but the retention of the Dudley Street facade, the boxing ring and stage.
"In our view, it's possible to have a good mixed-use development that pays homage to its past and we hope to be an exemplar of that," Mr Wren said.
Southbank-based architects Rothelowman said keeping those historical items was a "celebration" of the cultural aspects of the site.
"Festival Hall is a performance venue - we believe that we need to harness the emotional aspects of this venue and apply it through a filter of what it means to live harmoniously," the redevelopment's vision statement reads.
Festival Hall became known as the House of Stoush due to its popularity as a boxing and wrestling venue.
It was destroyed by fire in 1955 but rebuilt in time for the 1956 Olympic Games where it played host to gymnastics and wrestling.
It has since hosted hundreds of local and international acts including the Sex Pistols, Oasis, Soundgarden, the Red Hot Chili Peppers and American rapper Kanye West.
Artists including Macklemore, Young Thug and Angus and Julia Stone will play the venue in coming months.
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