London’s iconic Prince Charles Cinema has been given extra protection with ‘asset of community value’ status

In January, the legendary Prince Charles Cinema (PCC) announced it was at risk of closure. The iconic filmhouse, which is beloved for its movie marathons and cult film screenings (like this month’s A24 takeover), was being threatened by a potential redevelopment from its landlords Zedwell LSQ Ltd and parent company Criterion Capital. 

According to the PCC at the time, the landlords were demanding a rent ‘far above market rate’ and a new clause which, if triggered, would leave the PCC homeless with six months’ notice.

But now there’s been a positive update. The PCC in Leicester Square has been listed as an asset of community value (ACV), meaning it is seen as a building that’s important to the community and has extra protections. Under the new status, if the building is put up for sale the local community has the right to try to raise funds to buy it back first. 

If a building is an ACV, its owner must notify the council if it is put up for sale. A six-month moratorium on the sale can then be invoked by locals to give them the chance to raise money and make a bid to buy it on the open market.

🎬 RECOMMENDED: An oral history of the Prince Charles Cinema.

But it isn’t plain sailing for the PCC just yet. Being listed as an ACV does not require the building owner to sell to a community group, and it does not mean the landowner has to continue any existing lease. The cinema is still fighting for the future of its lease. At the time of writing, a petition to save the picture house had more than 164,000 signatures. You can sign it here. 

In a statement about the listing, the cinema said: ‘Though this recognition is a huge honour, the fight continues to secure a long term lease that will enable us to invest in our future development and continue to bring the best of what we do to Leicester Place.

‘We believe that any truly great venue is built on the shoulders of those who work within and those who support it – and we couldn't have asked for a more passionate and vocal level of support from the many thousands of you who signed the petition, bought tickets, became members or simply just kept coming through our doors.

‘Thank you to every one of you who took a moment to support our cause.’

Hipsters assemble! A24 is taking over London’s Prince Charles Cinema this month. 

Sad news: One of London’s oldest West End cinemas is closing down.