PLANS to re-open Ryde Theatre as an entertainment venue have been revealed today (Wednesday).
The Isle of Wight Council has announced plans to sell the venue for £400,000, to an as yet unnamed bidder.
A spokeswoman for the Isle of Wight Council said: "The authority is poised to sell the former Ryde Town Hall to an events company in a deal that would also see the new owners re-open the venue as a theatre/live entertainment space and retain and operate the Lind Street public toilets at their expense.
"The terms of the arrangements are contained in a delegated decision report published today (Wednesday).
"The document also details how, under the sale, public access to the historic 1897 organ installed to commemorate the Diamond Jubilee of Queen Victoria, would be retained.
"The council, which will retain responsibility for the war memorial which forms part of the building’s frontage, will also receive £400,000 from the sale."
The Grade II listed theatre was put back on the market late last year after plans by Platform One to run the building as a venue and music college fell through.
The spokeswoman said: "Though the terms of sale did not stipulate re-opening the building as a venue, two bids proposing to do that were received and it is the highest of those – also undertaking to run the Lind Street toilets – which officers are recommending is accepted."
The council said its policy was not to name the bidder until any deal was finalised.
The delegated decision report can be viewed on the following link: http://www.iwight.com/council/what_is_a_council/Delegated_Powers/latestde.asp