Prince Charles Cinema secures 25-year lease after redevelopment threats
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What happened
Prince Charles Cinema announced it signed a new 25-year lease with no break clause. This follows Westminster Council designating the venue an Asset of Community Value. The cinema had previously faced threats of redevelopment by Zedwell LSQ Ltd and Criterion Capital, which were reportedly demanding rent far above market rate.
From timeout.com
Why it matters
The new lease guarantees the cinema's operational continuity for at least 25 years. The designation as an Asset of Community Value gives the community the right to attempt to raise funds to purchase the building if the owners decide to sell.
From timeout.com
Who's involved
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