Ryde Theatre, which is to be sold by the Isle of Wight Council.
A NEW deal to sell Ryde Theatre could be signed within weeks.
In a delegated decision report published by the Isle of Wight Council today (Wednesday), it was revealed that the Grade II listed building could be sold for £300,000.
That would be £100,000 less than what the council had agreed in a previous deal, which collapsed in November.
After the deal fell through, the Isle of Wight Council went back to other bidders.
According to the latest report, if the delegated decision is taken by Cllr George Brown to pursue the new deal, it could be completed by March 31.
Local councillors were briefed ahead of the report being published.
The report said the council had not consulted locally due to the tight timescales and the similarity between the latest proposal and the previous one.
Under the deal, the council will retain ownership of the war memorial on a 999 year lease.
The CCTV hub for Ryde, located in the building, will be leased to the council for £100 a year for a maximum term of 27 months and the public toilets will be leased to the authority on a 999 ground lease at £200 a year.