Newcastle Theatre Royal legacy secured with ‘longest ever’ lease
One of Newcastle’s landmark buildings has seen its future secured with its longest ever lease.
Theatre Royal, situated at the top of Grey Street in the centre of the city, has agreed a 125-year lease with owner Newcastle City Council.
Samuel Phillips Law acted on behalf of the Theatre Royal Trust to negotiate the lease, which will see the theatre continue to stage drama, musicals, ballet, comedy and pantomime productions.
Originally built in 1837, the Grade I listed building has undergone several redesigns and restorations.
Philip Bernays, Theatre Royal chief executive, commented: “I’m very pleased the lease has been completed. Samuel Phillips made it a straightforward event for us. It gives us security, and is a valuable asset for the city.”
“We’re confidently on target this year, and we attract a very broad audience from across the North East, which is reflected in our programme.
“I believe there are more individuals coming to the Theatre Royal each year than coming to St James Park, which relies on season ticket holders’ repeat attendance. We’re bringing in many thousands of people from all five counties in the region across the year.”
Will Jarvis-Smith of Samuel Phillips Law’s commercial property team commented: “I’m delighted we’ve secured the position of the theatre with this new lease, at good commercial terms.
“It ensures long term planning of one of Newcastle’s most high profile, landmark buildings. Its continued use as a theatre is very important for the cultural strength of the city and the region.”
He continued: “We are now working on the sub-lease for revenue streams for the theatre.
“We were conscious of having to look into the next century when preparing the lease, and examining all aspects of the agreements within the previous, 15-year lease and adapting it for the future. It’s been great to work with the Theatre Royal Trust throughout.”
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