Control of the Ambassador Cinema on O'Connell Street in Dublin looks set to change hands to concert promoter Denis Desmond, as lawyers for both sides are believed to be nearing agreement.
It is understood Mr Desmond has plans to turn the 18th century cinema into a theatre and concert venue due to open from this August. The Ambassador is owned by the Rotunda, which also owns the Gate Theatre on Parnell Square.
The lease is held by the Millennium Theatre Company which is controlled by Oliver Barry and Padraig O hUiginn, former secretary to the Department of the Taoiseach. It is not clear whether the theatre will assign the lease or rent it to Mr Desmond.
Any sale of the lease is likely to fetch a substantial figure, given the pivotal location of the cinema and the imminent upgrading of the west side of the street.
Another boon to this part of the street will be the proposed redevelopment of the Carlton Cinema. UCI is currently in negotiation with the Carlton Cinema group to turn the premises into a multi-screen theatre. Nearby, at the junction of Parnell Street and Moore Street, there are plans for a £60 million (76m) project by the Morrison Construction Group and Woodford Developments - to include a four-star hotel with a 3,000 sq ft lobby and 90,000 sq ft of retail space.
The Ambassador dates back to 1780, when it was built as one of the assembly rooms of the Rotunda Hospital. In March 1787 the Gentlemen of Hughes's club held a masquerade ball and supper in the new rooms - another of which is now the Gate Theatre.
The Thomas Read group scrapped plans to turn the venue into a multimedia venue with a club, bar and cinema, which, according to Brian McDonald, design director withThomas Read, would have cost in the region of £7 million (8.89m).
"The venue would have spanned a couple of different levels but we would have had to excavate the basement, which would have been a massive undertaking as it is a protected structure.
"It is a stunning building, but the amount of work involved will be collosal for whoever takes it on."
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