‘Extension to Monday

Press, 7 June 1980, Page 6

‘Extension to Monday

A group of Christchurch 1 businessmen has been given until noon on Monday to find enough capital. to . buy the Theatre Royal. '' A spokesman for the group, Mr C. M. Robertson, said the owner of the Theatre Royal, J.• C. Williamson . Theatres, Ltd, had received another offer and because of , this had placed a time limit on the. option held by the . group. ■ < ! The asking price was ' $190,000 but this had been I reduced to $175,000, Mr Rob- ! ertson said-' '.' : ; , So far the group, which ’ hoped to . establish a -trust that would run the theatre for the people, of Christchurch, had received $BO,OOO 1

and enough “probabilities” to raise that total to. $llO,OOO. The group had asked for a week-long extension but this had not been possible. The other offer for the theatre had come from a developer who, the group assumed? would demolish the theatre and, sell the site or develop it some other way. The building was a good investment. It had a Government valuation of $270,000 and the . land, without the building, would be worth far in excess of the asking price, said Mr Robertson, who is a property valuer and auctioneer. . , : He said the response from the public had been trernend-

»|ous. So far most had offered sums ranging from $5 to $lOO t and there had been a smaller ; number of substantial offers. Someone who was pre- > pared to underwrite the balance of the required money; . so that the theatre could be I . bought was the main require-! ment, Mr Robertson said. j The money required to re-| . furbish the theatre would bej about $500,000 and if a trustj : was running the theatre then] ' Christchurch people would be! ’ asked to help. i Tire main worry was raising; ’ enough to buy the theatre! 1 before it was lost to the city ' forever. Mr Robertson said those | wanting to contribute should telephone 516-533 or 33-619. 'i