Cinema to return to Crystal Palace after 50-year absence
Strettons advises on deal which will see Everyman Cinema open on 25 Church Road.
Much to the delight of many local residents who have campaigned tirelessly for over 8 years, a deal has now been completed which will see a new big screen cinema open in Crystal Palace - fifty years after the last picture house closed its doors.
Strettons has advised on a deal which will see cinema group Everyman Media Group PLC open its latest venue on 25 Church Road, the site of a former cinema and bingo club which closed its doors in 1968. The company has purchased the 17,234 sq.ft premises from the Kingsway International Christian Centre (KICC). The deal was completed last month.
KICC have been the owners of 25 Church Road since 2009 and decided to sell the property after being unsuccessful in securing the correct D1 use class to operate the building as a place of worship.
The building was classified as an Asset of Community Value (ACV) by the London Borough of Bromley and therefore KICC had to ensure the property was widely marketed before agreeing a sale.
James McGlashan, Chief Operations Officer from KICC comments: “We are pleased that the building will remain as an asset to the local community and delighted to have agreed a sale with Everyman as this will fulfil the desire of many residents to return the building to its original cinema use.”
Strettons was appointed by KICC in May 2017 following the rejection of the change of use application by Bromley Council in February 2017. Aware of the tireless efforts by The Picture Palace Campaign to have the building returned to its former use, Strettons approached Everyman Cinemas via their agent Martin Bloom of Insight Retail Consulting to open discussions about the group purchasing the venue. Everyman Media Group PLC exchanged contracts on the building in January 2018 and formally completed the deal in April 2018.
Commenting on the sale, Strettons Director Neal Matthews said: “KICC plays a valuable role within communities across London, the home counties and the West Midlands and I am pleased that Strettons has helped the firm sell the property so that it can re-invest into the valuable services it provides, such as helping a range of disadvantaged people across London, the Home Counties and the West Midlands. Having a cinema open its doors once again in Crystal Palace will be great for the community and Everyman is ideally placed to deliver a venue that will local people will enjoy.”
Everyman Cinema, which owns 22 cinemas across England, has said it will create a four-screen hospitality led venue expected to open in late 2018. The new venue will feature the latest Sony 4K projection and Dolby 7.1 surround sound and have a food menu including hand rolled pizzas.
Commenting on the deal Crispin Lilly CEO of Everyman Media Group PLC said: “The response from the community in Crystal Palace has been incredible. We know it’s something that they’ve campaigned for and it’s such a storied building so we can’t wait to do it justice. Everyman is all about the experience of a night at the cinema, so whether it’s the design of the venue, great food and drink, sofa seating and broad programme of films, we want to make people fall in love with that experience.”