Nelson Bakewell - Retail - London, The Old Vic
Date: 06 Oct 1997
Retail: London, The Old Vic
Since it became known that the current owners, the Mirvish Corporation, were prepared to part with the theatre in London's Waterloo, there has already been strong interest from would-be purchasers. Tracy Collins of Nelson Bakewell - who are acting as marketing consultants on the sale with Sotheby's International Realty - reports: "Interest is coming not just from the theatre world and entertainment business, but from all sectors on an international basis".
As a consequence of this diversity of interest, the theatre and its annexe will be sold by informal tender with interested parties being asked to submit sealed bids. Tracy Collins of Nelson Bakewell explains: "This is a very special building and, as such, you cannot value it by using conventional property techniques. The successful purchaser will not just take possession of a magnificent theatre they will also become a vital part of London's theatre world and take their place in The Old Vic's vibrant history.
"As the dedication and commitment of the Mirvishes has demonstrated, The Old Vic has a value which encompasses more than just bricks and mortar."
Ed Mirvish and the Mirvish Corporation have lavished huge care and resource on the 180-year old theatre. After buying it in 1982, they spent around £2.5m on a pains-taking restoration and refurbishment and received two major awards from the R.I.B.A. and The Civic Trust. To reinstate the auditorium's 19th century magnificence, the Mirvishes even tracked down the company which carried out the original ornate plaster work in 1880. The firm still had the moulds in which the work had been cast, and were able to reinstate the interior to its former glory. To complement this work the foyer areas have been opened out and new facilities installed for patrons.
The theatre is currently home to the renowned Sir Peter Hall Company. While playing host to many companies such as the National Theatre and the Royal Shakespeare Company, the theatre has scored a string of artistic successes during the past 15 years. Three seasons under the artistic direction of Jonathan Miller produced five prestigious Olivier Awards.
The Mirvish Corporation's decision to relinquish ownership of the theatre has been prompted by the group's growing business commitments in Canada which have increasingly precluded the company from giving The Old Vic the attention it deserves.
The sale incorporates both the 1,067-seat Old Vic Theatre and the adjacent 16,000-sq.ft. modern annexe building at 83 The Cut. Built in the 1950s, the annexe building is currently home to The Old Vic Box Office and part of the Royal National Theatre's studios and offices. However, there is scope in the medium term for the building to be converted to other uses.
The Mirvish Corporation, Nelson Bakewell and Sotheby's International Realty are currently carrying out an international marketing campaign, and will shortly announce the deadline for the tender bids.
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