An agreement has been reached to sell the site of the former Ritz cinema in Easthampstead Road.
Staines-based property developer Montreaux Homes has revealed its intention to purchase the site and its existing planning permission for 22 apartments in Wokingham town centre from current owners Classicstone Properties, subject to additional planning permissions.
In a statement, the developer said it acknowledged the historical significance of the site, and is looking forward to working with the local authorities to ensure the new homes will contribute to the local vernacular.
James Rowntree, Managing Director of Montreaux Homes, said: “Like our site in Sidcup, Urban Picturehouse, we understand the importance of developing on the former site of a landmark building. We look forward to bringing our experience to the scheme that has been approved, and we are working with the local authority to deliver an amenity that the community will be proud of.”
Richard Rowsell, Land Director of Montreaux Homes said: “This site perfectly suits our mantra to ‘Build Back Better’, and we look forward to introducing high-quality housing, sustainable technology and a biodiverse garden amenity to the area.”
The Ritz cinema was opened by then Wokingham Town Mayor Alderman F.J. Barrett in May 1937, and at that time it was considered to the one of the finest in the country. As well as being a cinema, it has also hosted talent shows, church gatherings, council presentations and, more recently, pool and bingo, a gym and a video rental business.
Existing planning approval for the site was granted in January 2021 for 22 apartments made up of one-, two- and three-bedroom units. Underground parking was also part of the original plans.
Wokingham real estate agent Mark Rath told Wokingham Today that demand, especially for town centre properties, is primarily driven by the availability of parking.
He said: “The first question from buyers and investors is often not whether a property has got parking, but ‘how many spaces does it have?”.
David Cliff, another Wokingham real estate agent, welcomed the news that developments on the site may finally be moving.
Noting the majority of units under the current approved plans comprise two-bedroom apartments, he said: “There is certainly a demand for these type of units, but there’s also an abundance of supply in the market currently.”
