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.
Like Reading Articles Like This? Help Us Produce More
This site remains committed to providing local community news and public interest journalism.
Articles such as the one above are integral to what we do. We aim to feature as much as possible on local societies, charities based in the area, fundraising efforts by residents, community-based initiatives and even helping people find missing pets.
We’ve always done that and won’t be changing, in fact we’d like to do more.
However, the readership that these stories generates is often below that needed to cover the cost of producing them. Our financial resources are limited and the local media environment is intensely competitive so there is a constraint on what we can do.
We are therefore asking our readers to consider offering financial support to these efforts. Any money given will help support community and public interest news and the expansion of our coverage in this area.
A suggested monthly payment is £8 but we would be grateful for any amount for instance if you think this site offers the equivalent value of a subscription to a daily printed newspaper you may wish to consider £20 per month. If neither of these amounts is suitable for you then contact email@example.com and we can set up an alternative. All payments are made through a secure web site.
One-off donations are also appreciated. Choose The Amount You Wish To Contribute.
If you do support us in this way we’d be interested to hear what kind of articles you would like to see more of on the site – send your suggestions to the editor.
For businesses we offer the chance to be a corporate sponsor of community content on the site. For £30 plus VAT per month you will be the designated sponsor of at least one article a month with your logo appearing if supplied. If there is a specific community group or initiative you’d like to support we can make sure your sponsorship is featured on related content for a one off payment of £50 plus VAT. All payments are made through a secure web site.