London’s Prince Charles Cinema has signed a 25-year lease for its building, securing the future for the venue after two years of uncertainty.
The lease has no break clause, providing extra security for the venue over the coming two-and-a-half decades.
The venue shared the news in a social media post, thanking the 169,000 people who signed a petition launched early last year to save the cinema.
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The petition protested against the break clause in its landlord’s latest contract, which would have allowed the cinema to be closed with only six months’ notice.
The new statement also thanked the Soho Society, a community association for the central London district, for recommending that Westminster Council designate the cinema as an asset of community value; and the council for doing so.
Also receiving thanks from the cinema were the media, the film community, and the venue’s staff.
“You have all placed your trust in us, and as we continue on for at least another 25 years, we promise to never forget that,” said the statement.
The Prince Charles Cinema building is owned by Zedwell LSQ Ltd, which itself is owned by Asif Aziz’s Criterion Capital.
Following the announcement, Criterion Capital CEO Vaq Farooq issued a statement expressing the company’s support for the cinema.
”The Prince Charles Cinema is a unique and much-loved part of the West End and we are delighted to have agreed terms which secure its future at Leicester Place,” said Farooq. “The West End is successful because of its extraordinary blend of culture, entertainment, hospitality and independent enterprise. The Prince Charles Cinema is the embodiment of that spirit, and through this agreement, Criterion is delighted to continue supporting a vibrant and diverse West End.
“I’m particularly pleased that together we were able to work through a set of complex issues and find an equitable solution for both parties. A 25-year commitment provides real security for the cinema and its fans, and we are delighted to be continuing our partnership for many years to come. We are investing in an exciting new Zedwell Capsule hotel on the upper floors, bringing new international and domestic travellers to the Cinema.”
The Prince Charles lease comes three months after licensing restrictions were lifted on Picturehouse Central members’ bar, following a dispute with Zedwell, which also owns the Piccadilly building in which it is housed. The cinema had to restrict its members’ bar, a popular meeting point for the UK film industry, to same-day ticket holders only; the restrictions were lifted at the start of July.
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