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Post by joem on Jan 26, 2018 0:09:07 GMT
When a lease goes below 60 years it becomes increasingly difficult to get bank finance, this may put off some buyers.
The capacity of the Theatre Royal is quite forbidding for straight productions, if you get a production wrong it can go very horribly wrong.
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Xanderl
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Not always very high value in terms of ticket yield or donations
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Post by Xanderl on Jan 26, 2018 6:46:46 GMT
Yes, and the (relatively) short lease might put the new owner off investing too much in improving facilities. But the lease was extended in 1987, so presumably no fundamental reason the new owners couldn't negotiate an extension with Mrs Queen as part of the deal.
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Post by stefy69 on Jan 26, 2018 7:30:49 GMT
Given it's historical importance/significance I wouldn't have thought there was the slightest doubt that the lease will continue to be renewed far into the future.
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Post by daniel on Jan 26, 2018 8:53:44 GMT
Given it's historical importance/significance I wouldn't have thought there was the slightest doubt that the lease will continue to be renewed far into the future. precisely. Plus, I'm sure that if a prospective operator went into negotiations and said "we're willing to spend £x on refurbishments but will need the lease extending by y years", there would be room for negotiation on the terms.
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Post by TallPaul on Jan 26, 2018 13:28:59 GMT
if you get a production wrong it can go very horribly wrong. As the TRH learnt to its considerable cost with The Libertine. In the last financial year they wrote off £616,067 as unrecoverable, from just that one production. Ouch!
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Post by Deleted on Jan 26, 2018 13:35:45 GMT
Meanwhile there's a GoFundMe for it happening: www.gofundme.com/bossy-buy-theatre-royal-haymarketWhich even if they don't reach the target, and manage the "impossible" (yes before anyone mansplains it to me I realise there's more to a theatre than just buying the building) it's still raising a chunk of change for putting on some theatre. So why the hell not eh?
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Post by The Matthew on Jan 26, 2018 14:33:03 GMT
I think whoever buys it should use it for selling hay.
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Post by Jon on Jan 26, 2018 16:48:02 GMT
if you get a production wrong it can go very horribly wrong. As the TRH learnt to its considerable cost with The Libertine. In the last financial year they wrote off £616,067 as unrecoverable, from just that one production. Ouch! No wonder they’re selling! I think under a theatre operator like Nimax or ATG, it could thrive.
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Post by Rory on Jan 26, 2018 16:51:44 GMT
As the TRH learnt to its considerable cost with The Libertine. In the last financial year they wrote off £616,067 as unrecoverable, from just that one production. Ouch! No wonder they’re selling! I think under a theatre operator like Nimax or ATG, it could thrive. So do I and I'm praying it goes to one of them! A group with vast commercial experience would hugely benefit it.
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Post by joem on Jan 26, 2018 18:07:48 GMT
The logical niche for a theatre this size is transfers for big hits from the subsidised sector and celeb-of-the-moment casting in accessible plays.
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Post by Jon on Jan 26, 2018 19:43:17 GMT
The logical niche for a theatre this size is transfers for big hits from the subsidised sector and celeb-of-the-moment casting in accessible plays. Similar sized theatres like The Noel Coward or Harold Pinter Theatre have had no problems attracting productions that sell well so it does seem that the current owner IMO can't compete and selling TRH is likely the best option.
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Post by Dawnstar on Jan 27, 2018 11:51:57 GMT
It went through my mind that the RSC should buy it as their new London home. I thought their Love's Labours Lost & Much Ado sat very well in there last year so I'd agree with that idea.
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Post by Jon on Jan 27, 2018 13:14:42 GMT
It went through my mind that the RSC should buy it as their new London home. I’m not sure the RSC could afford it. It’s a good suggestion though
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Post by TallPaul on Jan 27, 2018 13:45:28 GMT
If it was bought by a charity, like the RSC, then it would be eligible for business rates relief of at least 80%, and possibly 100% if the City of Westminster wanted to play ball.
On the other hand, a commercial operator will be looking at a rates bill of over £100k pa.
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Post by Jon on Jan 27, 2018 14:50:01 GMT
If it was bought by a charity, like the RSC, then it would be eligible for business rates relief of at least 80%, and possibly 100% if the City of Westminster wanted to play ball. On the other hand, a commercial operator will be looking at a rates bill of over £100k pa. I wonder what the asking price is, The Palace was sold to Nimax for £20m and I think Cameron paid £30m for the VP but that might include the refurb costs so my guess is that the TRH is probably between £10-15m maybe a bit less
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Post by TallPaul on Jan 27, 2018 14:52:41 GMT
Let's take the Victoria Palace as an example. Cam Mack agreed to pay £26,130,000 for the VP, with £21,130,000 paid in cash on completion, and the remaining £5,000,000 held in escrew as contingency, to be paid between September 2016 and December 2019. It has already been 'negotiated' that the final consideration will be reduced by at least £1,750,000, so the maximum that will be paid for the VP is now £24,380,000. As we have seen, it will probably be somewhat less than that. Here, in part, is the answer to your question!
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Post by mailtrix on Mar 11, 2018 23:02:30 GMT
Have you heard of any bids other than from the feminist group?
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Post by Jon on Mar 12, 2018 0:27:40 GMT
Have you heard of any bids other than from the feminist group? I know that at least two of the major theatre groups are looking at it with a serious view to bidding. ATG and Nimax?
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Post by mailtrix on Mar 12, 2018 0:55:11 GMT
I've heard that Nederlander and Jujamcyn might also be in the mix. But, do you know if any bids have been made?
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Post by mailtrix on Apr 13, 2018 14:26:18 GMT
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Post by Jon on Jun 19, 2018 12:12:39 GMT
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Post by Deleted on Jun 19, 2018 14:40:19 GMT
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Post by Rory on Jun 19, 2018 14:44:53 GMT
All the signs are clearly that he has a passion for theatre. Let's hope that that, coupled with significant financial clout, leads to some great productions. I wonder if he will help to fund some riskier transfers for example? It augurs well that Danny Cohen works for him.
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Post by Jon on Jun 19, 2018 14:57:04 GMT
All the signs are clearly that he has a passion for theatre. Let's hope that that, coupled with significant financial clout, leads to some great productions. I wonder if he will help to fund some riskier transfers for example? It augurs well that Danny Cohen works for him. I would say Access would be able to spend money refurbishing the TRH and also competing for more transfers. I wonder if they're on the look out of for more theatres in London? The Shaftesbury with its 1400 seat capacity would be a likely target
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Xanderl
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Not always very high value in terms of ticket yield or donations
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Post by Xanderl on Jun 19, 2018 15:06:35 GMT
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Post by Jon on Jun 19, 2018 15:13:56 GMT
Out of those, Three Tall Women would be the most likely.
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Post by Deleted on Jun 19, 2018 15:44:33 GMT
At the risk of trying to flog a dead horse, this could be the opportunity to open Hello, Dolly! over here with Bette that I’ve been waiting for! Although I hope the theatre has a refurb on the horizon.
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Post by Rory on Jun 19, 2018 15:48:15 GMT
I would love Three Tall Women to transfer to the Haymarket. I loved it back in 1994 at Wyndham's.
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Post by Jon on Jun 19, 2018 15:57:35 GMT
At the risk of trying to flog a dead horse, this could be the opportunity to open Hello, Dolly! over here with Bette that I’ve been waiting for! Although I hope the theatre has a refurb on the horizon. Hello Dolly wouldn't fit into the Theatre Royal Haymarket, it's a playhouse not a musical theatre house.
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Post by Deleted on Jun 19, 2018 16:05:07 GMT
At the risk of trying to flog a dead horse, this could be the opportunity to open Hello, Dolly! over here with Bette that I’ve been waiting for! Although I hope the theatre has a refurb on the horizon. Hello Dolly wouldn't fit into the Theatre Royal Haymarket, it's a playhouse not a musical theatre house. Whilst this is true, it is also the case that other playhouses have housed musicals. But thanks for putting me in my place.
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