THE re-opening of the former EMD building as an entertainment venue could help breath new life into central Walthamstow, a report has found.
The council-commissioned report says the chances of the listed building in Hoe Street generating enough profit purely as a cinema are slim.
But it also says the venue's conversion into a mix-used entertainment venue including a cinema is key to the regeneration of central Walthamstow and its evening economy.
The report examined two alternative options to the one proposed by the theatre’s owners, Universal Church for the Kingdom of God, which has submitted an application to convert the building into a church.
The first option is to restore the EMD as a “mutli-use venue with cinema at its heart”, an option described as the best to preserve the building’s historical heritage and regenerate the area.
The second option is to introduce a cinema alongside the church, but this would require the cooperation of UCKG.
Following interviews with a wide variety of people, including council officers and campaigners fighting for the EMD to be re-opened as a cinema, the consultants concluded that the best option for the site would be to create a “flexible events venue”, with cinema as part of various activities.
This would depend on UCKG selling the building to a third party, probably a charitable trust, which could raise the funds for a required £8-10 million pound restoration programme.
Waltham Forest Council Leader, Cllr Chris Robbins, said: "We did a feasibility report to ascertain the options surrounding the future of this building and the report makes it clear it would cost £8-10 million to restore it to use, including the cost of acquiring it.
"It is unlikely to be profitable as a purely commercial venture so it would need substantial grant funding.
"However the EMD cinema is owned by the UCKG who are ultimately responsible for its maintenance. Any decision about the future of this building rests with them.
"The Council cannot justify spending taxpayers' money to purchase and renovate this building but would support the efforts of any organisation planning to operate a cinema in Waltham Forest."
But in the introduction to the study it states: “This study is limited in scope. It is not a detailed feasibility study, nor is it a business plan.
“It has been completed quickly, with a limited budget, without the opportunity to rigorously examine the building and the circumstances. It should be taken in that context.”
UCKG have submitted its plans for the site, which include a space for community use.
The application is due to be considered in the Autumn
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