The public hearings concluded on 11 July. At a meeting with the Premier that afternoon, the Committee advised Rupert Hamer that it 'was of the opinion that the Regent and Plaza should be retained despite the likely cost of approximately $6M for restoration'. The Premier acknowledged that 'he would not like the Regent to be demolished if there were appropriate uses for the building'.⁵¹ In the Committee's report it argued that

the problem cannot be reduced to one of tear down or leave, cost or profit. The simple fact is that the combination of the buildings are, in our opinion, a RESOURCE which is indeed a valuable one not only to the City of Melbourne, but to the State as a whole.⁵²

Just as Clarke Gazzard had proposed in its feasibility study the year before, the Committee recommended that 'the Regent Theatre complex should be retained and integrated in the design of the City Square'.

The results of this inquiry reveal that the Regent and Plaza theatres were spared from demolition not necessarily because of any significant architectural or historic merit, however justified, but, as the Save the Regent Theatre Committee cleverly argued, because the theatres were a resource for the community. The HBPC investigation, with its limited scope, found that the theatres had some architectural or historical merit, but not enough to warrant inclusion on its register of historic buildings.

Thirty years on from the inquiry, Loris Webster recalls feeling emotional giving her concluding address on the last day. It had been a tough battle at times, fighting to get their message across against the well-resourced Council. Not only had she been personally attacked, but her children had also been harassed because of their mother's stand. But the fight was worth it, she says. It was the perfect example of a community working together.⁵³

The successful outcome of this inquiry was, indeed, an example of the community working together. The Regent and Plaza theatres would not have survived this long had it not been for the efforts of the Save the Regent Theatre Committee and its supporters. But despite the recommendation that the Regent and Plaza be retained, the theatres would remain empty for the next twenty years.

Plans and Proposals
In the years immediately following the inquiry, criticism of the decision to save the theatres continued to appear in the press, and union bans on the site remained.⁵⁴ It wasn't until 1980 that the City Square, designed by the competition winners Denton Corker Marshall, finally opened. The Plaza was absorbed into the City Square project, with the interior of the theatre replaced with shops, bars and restaurants. Members of the Save the Regent Theatre Committee continued to keep a close watch on these developments.

Throughout the 1980s numerous suggestions and proposals were made for the development of the theatres. The Ministry for the Arts paid close attention and its files reveal the continuing developments in the Regent Theatre saga. In 1985 other community groups emerged, such as the Regent Arts Alliance, which put forward a proposal for the Regent to become a community arts complex that could include rehearsal venues, events and exhibitions, children's activities, retail space, and office space for arts organisations.⁵⁵ Keith Scoble submitted a proposal to Council suggesting that the Regent could be developed as a live theatre, with offices, restaurant, a tavern, retail and public space. Michael Edgley Holdings Ltd would manage the live theatre component.⁵⁶ There was even a suggestion from the 'Unemployed Musicians Union' suggesting that the theatre could become a venue for 'underexposed and unemployed bands, sound technicians, and lighting technicians'.⁵⁷ In 1987 the Chase Corporation won the tender for redevelopment of the site, planning to refurbish the Regent and 'make it the major theatre of Melbourne and a complex of international renown'.⁵⁸ But like so many proposals for the site, this too faltered.

Amidst these discussions were other developments in the live theatre industry in Melbourne, which foreshadowed a final resolution of the Regent Theatre saga. In 1986 Her Majesty's Theatre was listed on the Victorian Heritage Register, after threats of demolition and protests by the unions and theatre community.⁵⁹ The author of the report for the Historic Buildings Council commented that the opening of the Arts Centre in 1984 had complicated the use of existing theatres. Although the Arts Centre provided additional venues, they were State Government-run and had shifted 'resources and influence from the private to the public sector in the live entertainment industry'.⁶⁰ Despite this, the author argued that Her Majesty's Theatre was still a viable option as a live theatre venue. Following the theatre's successful listing, Her Majesty's was refitted to accommodate the production of Cats. Two years later the Regent Theatre was finally recognised as a significant heritage building and was listed on the Victorian Heritage Register. The statement of significance makes for interesting reading. Despite the arguments in the 1970s, the Regent was considered to have architectural significance

as one of the best surviving examples of an inter-war period picture palace in Australia [with an] imaginative combination of styles and sumptuous and spectacular interior spaces.⁶¹

The building had historical significance for its part in the development of cinema in Victoria, and for its association with Francis W Thring. But of particular interest to this story is the Regent's social significance as 'the subject of Melbourne's longest running conservation debate'.⁶²

The story of the Regent's survival had a happy ending in 1996, when the former picture palace re-opened as a live theatre. After purchasing and refurbishing the Princess Theatre in 1987, Marriner Theatres negotiated a deal with the State Government, MCC and the building unions that resulted in the refurbishment and re-opening of the Regent. The project was expected to cost $25 million. The Plaza theatre, which had been gutted by the City Square development, re-opened as a licensed ballroom, reflecting Thring's original plans. Allom Lovell and Associates undertook the multi-million dollar restoration and Marriner Theatres took over the lease of the building. The opening night on 17 August 1996 was an emotional event for many, particularly those members present from the Save the Regent Theatre Committee. Ian Williams called it 'the happiest night of my life'.⁶³