CINEMA campaigners are hopeful the historic EMD building will be restored, following the publication of a report stating it will need millions of pounds of investment.
A council-commissioned feasibility study published today says it is unlikely that a purely profit-driven cinema operator would take on the project as the theatre is will not generate enough revenue.
But the report also concluded that re-opening the building as a mixed-use entertainment venue involving a cinema under a charitable trust was the best option for regenerating the area and preserving the heritage of the building.
The McGuffin Film Society, which has been campaigning for the venue to be re-opened as a cinema since its closure in 2003, welcomed the findings.
Spokesman Bill Hodgson said: "We are delighted that many of our arguments for saving the cinema have been so comprehensively endorsed by this report.
"Our conversations with cinema operators and other interested parties suggest that a revived cinema is not only financially viable but could be the catalyst for Walthamstow's wider regeneration.
“That is clearly what local people want and the consultants seem convinced this would be the best way forward for the area.
"The consultants stress that a revived cinema would initially need some capital support but they have identified a wide range of realistic funding sources which would not require council subsidy.
“They also make clear that cinema operators are already on board and willing to contribute. The message here is clear - this cinema should come back and can come back if the political will is there to make it happen".
The Universal Church of the Kingdon of God, which currently owns the building, has submitted a planning application to turn the listed building into a church.
The consultants' report also confirms that a Compulsory Purchase Order would enable the council to acquire the venue at its current market value, which is likely to be in the region of £1.4 million.
A fundraising programme would have to be launched, it continues, preferably with the support of council officer and an application could be made to the Heritage Lottery Fund.
It is estimated that it would take about two years to put together a funding package and to arrange a transfer of ownership or lease.
The neccesary refurbishment would would also take a further two years, it is believed.
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