Marina Theatre future secured after £200,000 loan approved
PUBLISHED: 17:05 04 May 2018 | UPDATED: 20:04 04 May 2018
The future of the Marina Theatre in Lowestoft was secured at a council meeting after a £200,000 loan to purchase the adjacent ‘Zenith’ building was agreed.
The money, to be paid back in instalments of £15,000 a year, will see Lowestoft Town Council (LTC) purchase the building, bringing the two properties used by the Marina Theatre under a single landlord for the first time after Waveney District Council transferred the main building to LTC.
The loan will be granted by the Public Works Loan Board which provides local authorities across the country with loans for infrastructure and asset purchases at lower than normal market interest rates.
The payments of the loan will be met by a 20-year lease arrangement with the Marina Theatre Trust, ensuring no additional cost to the taxpayer.
Deputy mayor Peter Knight said: “Everyone was completely in agreement but there is always a bit of worry when you are committing some money but the argument was so clear.
“We have a complete theatre now which means it is no longer at risk because there is now only one landlord, rather than the previous two.”