“Hard-nosed developers” believe there is a viable economic case for investing in theatres, according to British Property Federation chief executive Melanie Leech.
The relationship between theatres and developers looks to be reaping significant commercial benefits, both in terms of restoring historic venues and including modern performing arts spaces in new schemes.
Berkeley group’s new 88-acre Woolwich Arsenal site, where 20% of the space has been dedicated to culture and performing arts, is a case in point. And developers including Shaftesbury Estates and Land Securities are working closely with the theatre sector on schemes across the West End, WC1, and Victoria, SW1.
Exactly 400 years after the death of William Shakespeare, arguably the UK’s best-known literary land owner, Leech added: “Theatres have long been a compelling part of our towns and cities. And when they are used effectively they can significantly add value to the offering in those locations.”
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