YORK Theatre Royal is to be sold to the city's Conservation Trust for just £1, to safeguard the historic building into the future.

City council papers released on Christmas Eve show that a deal is on the table for the local authority to sell the historic theatre to the conservation trust for a nominal sum, to make sure expensive repairs and maintenance can be carried out in years to come.

The deal only needs the approval of cabinet members - who meet on Tuesday, January 6 - to go ahead, and council officers have recommended that councillors give it to go ahead.

The Theatre's chief executive Liz Wilson said they wholeheartedly embrace the plans, and would be happy to York Conservation Trust (YCT) as their landlords at the theatre building as well as the De Grey Rooms and De Grey House which they already rent from YCT.

Although the city council has owned the theatre for nearly 300 years, a report to the cabinet by assistant directors Tracey Carter and Charlie Croft says that financial pressures mean only £60,000 has been spent on emergency repairs in the last five years.

Ms Wilson added: "This is a means of securing the theatre's future. The YCT have a reputation for investing for investing in their buildings.

"We are close to investing a lot of money that we have raised ourselves in the refurbishment, but that is just the tip of the iceberg and there is lots more to do."

The YCT's chief executive Philip Thake said the Theatre Royal deal had been spoken of for around 10 years, and the trust would make sure vital repairs like a new roof and the theatre's five to ten year plans could go ahead.

"We like to think that we are custodians of York's heritage," he added.

The cabinet report says that although the council will lose the £27,250 annual rent, the deal will protect it from the liability for costly repairs and upkeep to the listed 270 year old building.

The report says: "The building is in poor condition and requires significant immediate investment to address urgent repairs, particularly on the roof. The immediate repairs are estimated at around £320k with significant further works needed in coming years to ensure the ongoing safety and condition of this important historic building and to make it fit for purpose as an important part of the city’s cultural activity."