City of Wolverhampton Council has agreed Heads of Terms with PDJ Management Ltd (PDJ), who were announced as the preferred developer in December.
Experienced independent commercial operator, PDJ, was the successful bidder from a group of 8 experienced independent operators and creative organisations who submitted formal expressions of interest in the Fryer Street venue.
PDJ already run successful cinemas in Worthing (The Dome Cinema), Romford (Premiere Cinema), Kings Lynn (The Majestic Cinema), Lytham St Annes (Island Cinema) and are reopening the former Empire and Odeon Cinema in Sutton Coldfield.
They have put forward a proposal to convert the 8,000sqft council owned space in the Chubb Buildings from an out dated 2 screen venue to a newly refurbished 4 screen cinema.
The council and PDJ will be making a £2million joint investment in the critical refurbishment and fit out programme and entering into a 30 year lease, while the new look venue is predicted to attract up to 130,000 visitors a year to the city centre at full flow and boost the local economy by half a million pounds annually, with 3 permanent and 20 to 25 part time jobs created.
The Heads of Terms pave the way for the contract with PDJ to be finalised ahead of them starting the redevelopment of the cinema in the coming weeks, with a view to opening to the public later this year.
The council is also working closely with the Chubb Buildings landlord, Midlands Industrial Association (MIA), who oversee a range of businesses already within the buildings, on the scheme.
It is all part of a transformation creating new destinations, better public spaces and inner city living opportunities, coupled to a broader entertainment and events programme, to attract more visitors - helping both existing and new businesses to thrive and grow.
Councillor Bhupinder Gakhal, City of Wolverhampton Council Cabinet Member for Visitor City, said: “I am delighted we have now agreed Heads of Terms with PDJ and we can now move forward at pace to help bring their vision to reality.
“We know from our call out for expressions of interest in this venue that there is a strong appetite for leisure opportunities in our city centre.
“PDJ have confidence in Wolverhampton and are suitably qualified cinema and entertainment experts to transform this space in our wonderful Chubb buildings and deliver an affordable luxury offer.
“They have a sound and sustainable plan that will further enhance our arts, culture and entertainment offer for residents and visitors to Wolverhampton, working alongside popular venues like the art gallery, Grand Theatre and The Halls Wolverhampton – all boosting city centre footfall.”
James Jervis, Director at PDJ Management said: "We're extremely excited to be pressing forward with the cinema at the Chubb and gearing up to start construction on site soon. The overwhelming enthusiasm following the December announcement underscores the demand for an independent cinema right in the heart of Wolverhampton's city centre. With an exciting lineup of films planned for 2024 and beyond, we're committed to offering the best cinematic experience for our audience."
Andy Munro, Chairman of Midlands Industrial Association said: “The Chubb is one of our flagship buildings and we are excited at the prospect of a cinema operator with the pedigree and track record of PDJ taking over the cinema.”
