Confusion after '˜offer accepted' for iconic Broadway Theatre

The future of the Broadway Theatre is uncertain despite an estate agents saying an offer had been accepted on the iconic building.

Friday, 7th October 2016, 9:09 am
Updated Tuesday, 25th October 2016, 8:11 pm
How Broadway Theatre could look if it was converted into flats

A spokesman at estate agents City and County told the Peterborough Telegraph that a bid had been accepted for the theatre, Broadway. However, owner Rinaldo Fasulo is also said to have been still in talks with Peterborough City Council’s chief executive and leader over a possible sale.

Told that the deal was currently progressing, council leader Councillor John Holdich told the PT: “I find that absolutely amazing because when you rang Rinaldo was in my office talking to me and [chief executive] Gillian Beasley about the council’s position on the Broadway. He wants more money than the council bid and we agreed to keep talking, no more than that. There was no hint it had been sold.”

Cllr Holdich said both parties had agreed to provide the other with further information, but that the council’s offer was millions of pounds below Mr Fasulo’s valuation.

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The council leader added that he would be disappointed if the theatre had been sold.

The PT reported in July that architects had put together eye-catching designs for a multi-million pound redevelopment of the theatre in Broadway which could see it converted into more than 50 luxury apartments.

The theatre was then on the market for around £4 million. Meanwhile, councillors will next week discuss a motion put forward by Cllr John Peach for a preservation order to be put on Broadway.

Cllr Peach said: “I would like to see the council doing whatever it can so the building continues to be used as a quality entertainment and theatre venue.”

Peter Lee, committee member of the Peterborough Civic Society, said: “We would certainly be supportive of any move to keep the building in its present use.”

Cllr Holdich said a preservation order would allow for the building’s use to be changed but not its appearance.

And he warned the order would not help keep the building as a theatre.”

The PT has tried to contact Mr Fasulo.