As part of the deal, the council would also stabilise the bank.
Chief strategy officer Sarah O’Hagan said the council still owned the building, and had “been working steadily on this project”.
“As the building sits on reserve land and the bank needs to be retained, it takes time to go through the correct processes.
“I’m pleased to say the terms of the sale and purchase agreement have almost been finalised.
“As part of negotiations, the settlement date of the sale will occur once work has been carried out to retain the bank.”
The council estimated last year that retaining the bank behind the theatre would cost about $200,000, with demolition costing $170,000.
O’Hagan said work on the bank would coincide with a project on another side of Pukenamu Queen’s Park, at the Highland Pipe Band hall.
In June, the council agreed to finish a retaining wall behind the hall to stop a bank sliding further on to the building, also for about $200,000.
“These works require consents and archaeological input, so doing the projects together is more cost-effective,” O’Hagan said.
“Once that’s complete, we will be able to confirm a timeframe.”
Repertory Theatre president Mark Morton said a contract had arrived last week, and he expected a deal to be reached in the next month.
“Obviously, the settlement won’t be until the bank is done because we can’t insure the building.
“I know historically we haven’t, but we have a really great relationship with [the council] now.
“Sarah gives us regular updates.”
O’Hagan said costs to the council for the theatre over the past year totalled $3652, and mostly related to the cost of the building’s warrant of fitness.
“Over the same period, the council received lease payments from the Repertory Theatre committee of $3643.”
Morton said operations at the theatre had been going well, with its latest production, Annie, selling out “before we even went live”.
“That’s positive, because we are obviously raising funds to repair the building. Selling all your tickets is going to help.
“We’ve got comedians, bands, ballet, and we make it as easy as possible to hire our building.”
Safety work would be the first port of call when the building changed hands.
“Fire exits, safety escapes, all that kind of stuff will be upgraded. That’s our number one goal.”
Mike Tweed is a multimedia journalist at the Whanganui Chronicle. Since starting in March 2020, he has dabbled in everything from sport to music. At present, his focus is local government, primarily the Whanganui District Council.
