Trilogy's Hand in the Resurgence of London Theatre
April 24, 2016
Jamie Wolstenholme
Trilogy are featured in the Estate's Gazette's article on the UK's theatre market, advising Sir Nicholas Hytner and Nick Starr on the new London Theatre Company's site at Tower Bridge:
On London’s South Bank, home of Shakespeare’s original Globe and Swan Theatres, former National Theatre top brass Sir Nicholas Hytner and Nick Starr are raising the curtain on a new 900-seat auditorium for their London Theatre Company, following a deal with Berkeley Homes at One Tower Bridge, SE1, due to open in spring 2017.
“We took no persuading,” says Starr. “We had already figured out that we couldn’t compete on rents with other occupier classes elsewhere.”
He had done his research, which included talking to fellow theatrical enthusiast Robert Wolstenholme, managing director at Trilogy Property. “We were both on the board of the Bush Theatre in West London. We talked, and he took me to the Tower Bridge site,” he says. “Then Nick came and visited the next day. We both turned up thinking it wouldn’t be of any interest but we were completely blown away by the space. There it was – who knew? – a huge aircraft hangar sunk into the banks of the Thames.”
The wide, thrust-stage theatre will open in summer 2017, and the rent on the 45,000 sq ft space is the subject of some un-theatrical discretion: “We’re paying a commercial rent, and we’ve got a long lease,” says Starr. “Berkeley turned down other potential tenants for us, a start-up.”
Harry Lewis, managing director of Berkeley Homes (South East London), could not be happier. A large space is off his hands – and the reputational gain is huge. “The theatre will help establish this area as the Covent Garden of the South Bank,” he says. “We’ve already signed up The Ivy to operate an 8,000 sq ft restaurant and we have other high-quality retailers coming.”
Alas, the theatre was poorly timed to lift sale prices at the schemes’ 419 flats. “Ninety-five per cent were already sold, so the theatre came a bit late in the day to boost values,” says Lewis.
https://prod-estatesgazette-rbi.content.pugpig.com/2016/04/20/theatres-getting-in-on-the-act/pugpig_index.html