Auto Amazon Links: No products found. Blocked by captcha.
London’s independent cinema, the Prince Charles Cinema, has claimed that they are under threat due to new terms being imposed by their landlord. The cinema alleges that the owner of the building has demanded an increase in rent to “significantly” above market rates and requested a new clause which could leave the cinema without a space within just six months’ notice. The venue, based in Leicester Square in the West End, is accusing its landlord, Zedwell LSQ, of attempting to force the business out of the building.
Criterion Capital, which is owned by billionaire developer Asif Aziz and has numerous hotels and properties in the West End, is the parent firm of Zedwell LSQ. The company says that the new lease agreement terms are not unreasonable nor outside of normal practice. However, Prince Charles Cinema claims that Zedwell LSQ has ignored its repeated attempts to negotiate. The cinema’s spokesperson warns that losing Prince Charles Cinema would result in the West End losing an icon in its cultural landscape, as well as its economic sector.
A petition aimed at saving the iconic cinema, attracting more than 40,000 signatories and counting, has been launched. Allegedly, the cinema believes that the landlord has sought planning permission to redevelop the site. Despite no public funding, Prince Charles Cinema has been acknowledged as one of the last remaining independent cinemas in central London with over 250,000 yearly customers.
Commenting on the pricing of the new lease, Criterion Capital explains it is aligned with a fair market assessment. The landlord also claimed its motivation is anchored in long-term property planning, as opposed to an unreasonable intent, clarifying that the break clause in the lease agreement is legal and represents regular commercial practice. Criterion Capital maintains that open lines of communication and compromise are critical when dealing with independent businesses. The cinema’s operator, Bubble Chamber Ltd, would be welcome for constructive talks on the issue says Criterion
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.