Administrators seek buyers for arts centre and restaurant
Looking west along the Thames Path. Picture: Riverside Studios
April 25, 2023
The administrators of The Riverside Studios in Hammersmith have appointed an agent to sell the leasehold of the building.
Grant Thornton has taken over the operation of the business after ‘eye-watering’ energy costs and high interest expense forced a liquidation.
The sale includes premises over three floors in the building but not the residential component above. There are three studios, one sub-let to Riverside Television Studios Ltd, two cinema screens, a café bar area, an events space and associated rehearsal, dressing rooms and production rooms. Part of the building is also let to Sam’s Riverside restaurant which is not affected by the venue going into administration. In all the space is over 95,000 sq ft and is offered on a 191 year lease.
The Riverside Studios continues to operate and has a full programme of events through to the summer. It recently put on sale tickets for a Taratino Live stage show.
The venue has a long association with the site but reopened in its new facility just before the Covid-19 outbreak.
Paul Breen, director in the licensed leisure team at Savills which is handling the sale, says, “The Riverside Studios presents a unique opportunity to acquire a long leasehold property in a highly desirable riverside location in West London. It is a state of the art purpose-built facility with a uniquely central proposition in the arts and culture sector. With the scarcity of this type of opportunity and the incredibly high barriers of entry, we expect there will be significant and diverse demand in the market place from both potential occupiers and investors.”
The Riverside Trust said its preference would be for the venue to continue to be run by a charitable trust but the administrators will not be allowed to take this into consideration when managing the sale.
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