The National is rich in the history and foundations of the performing arts in Melbourne. In 1974 the current building was opened as the National Theatre after conversion from the Victory Theatre. The original Victory was built in 1920 as a 3000 seat cinema. The current theatre seats 783 and is highly prized for its Beaux Arts interiors. The venue also accommodates the National Theatre Ballet School and Drama School. The aim of the master plan is to provide a comprehensive strategy and framework for the preservation and physical development of the venue into the future. The building is now 93 years old and has been altered many times, not always sympathetically. The building is in need of extensive life-cycle maintenance, regulatory upgrading and refurbishment works to guarantee its long term future. The building is on the Victorian Heritage register.