Singer-songwriter Tex Perkins has announced he is running as an independent candidate in this month's Victorian election.

St Kilda-based Perkins said he plans to contest the seat of Albert Park in an attempt to secure funding for the iconic Palais Theatre.

The Palais has an estimated $25-40 million repair bill in order to bring it into line with current building codes.

The City of Port Phillip has managed the building since 2006 and earlier this month agreed to commit $7.5 million towards the repairs.

In a statement, 49-year-old Perkins said it was a last-minute decision spurred by the neglect of the heritage-listed venue.

"The neglect of such an iconic performance venue, along with all the buck-passing from both sides of politics - it's just not good enough," he said.

Perkins said despite the council committing funding for the venue, state politicians were avoiding the issue.

The Palais has an estimated $25-40 million repair bill in order to bring it into line with current building codes. ( Flickr: Penelope Waits )

"The Palais is a state-owned heritage building and there are policies for how you maintain these buildings," he said.

"Instead, she has been neglected by both sides of politics for far too many years.

"She's still operating and there are loads of artists booked, but she has now been covered with scaffolding.

"So push has finally come to shove - she needs a funding commitment now."

Perkins formed his first band The Dum Dums in 1982, but rose to fame as the frontman of The Cruel Sea and had a string of hits including The Honeymoon Is Over, It's Alright (Cause She Loves Me) and Cocaine.

More recently he has been performing with the groups The Dark Horses and Beasts of Bourbon, and starred in the show The Man in Black - The Johnny Cash Story.

The seat of Albert Park is currently held by Labor's Martin Foley with a margin of 0.9 per cent.