Theatre Cambrian says conditional sale of old church a game-changer

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Theatre Cambrian announced Friday afternoon it has signed a conditional offer to sell its building in Sudbury.

President Derek Young said the sale of the former church would help the embattled community theatre completely rid itself of overhead costs and starting turning a profit.

Young explained the offer is conditional on a re-zoning application being approved. The prospective closing date is October 1st.

He said future performances will be staged at partner locations like the Sudbury Theatre Centre. Theatre Cambrian’s box office and administration will be run out of the Lexington Hotel on Brady Street.

“Just by not being in this building alone, it will reduce our operating expenses by upward of 75 per cent or more,” explained Young.

“Cash flow for us is not a problem. But we do know we have some serious long-term debts and we’ve had a lot of increased overhead in this building that has held us back.”

City could help clear all debts

The building was originally listed at $495,000. Young said “we accepted an offer we believe is the right one to help move Theatre Cambrian forward at this time.” He didn’t identify the total price or the purchaser.

Shawn Bailey, the theatre’s manager of business development, said the building’s sale, and long-term partnership with the Sudbury Theatre Centre, will also be a boon for audiences and the “patron experience,” as he put it.

Theatre Cambrian’s manager of business development, Shawn Bailey, and president, Derek Young, speak at a press conference announcing the prospective sale of the community theatre group’s current building at 40 Eyre Street. (Benjamin Aubé/CBC)

“It’s just more consistent, the temperatures are better, parking is a lot better, the bathroom situation is a lot better than our current situation. Just getting out of this building is going to be better for theatre-goers and our cast in general,” said Bailey.

Young added that an additional $150,000 emergency funding request made to the City of Greater Sudbury made in May — one which city staff is advising council to vote against this coming Tuesday night — would also allow the theatre to clear its debts and “start from zero.

“The sale of the church will cover off the mortgages, and the legal and real estate fees that are associated with that. It does give us a bit of a small nest-egg, but the support from city council will allow us to immediately address our long-term debts,” explained Young.

With the news of the conditional sale, the theatre is asking city staff and council to defer the vote planned for Tuesday night to a later meeting in August.

Bailey and Young also both noted they’re looking forward to this September, when Theatre Cambrian’s full 2019 season will be released.



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Originally posted 2018-07-08 06:20:17. Republished by Blog Post Promoter

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