The Old Vic announces development of new arts hub

The Old Vic Theatre has announced plans for a new arts annex as part of the venue's redevelopment.

The space is currently undergoing works to the ladies' loos provision, with the next phase of work being a £12 million annex, offering opportunities to the local community and young people across London.

Dubbed The Annex, the space will be created in partnership with London boroughs Lambeth and Southwark, with each borough potentially loaning the theatre £3.75 million towards the total required. At meetings on 16 and 22 July the boroughs will consider plans to approve the loans and The Old Vic will fundraise to repay the loan over a 10 year period.

Executive director, Kate Varah, said: "The Annex is a once in a generation opportunity. With the visionary collaboration of Lambeth and Southwark councils, we will together ensure that this vibrant theatre sustains financially and that its wide-reaching social engagement is so deeply embedded that there can never be any doubt about the value of The Old Vic to those it serves: a civic resource, a beacon for cultural adventure, a place where everyone can explore in an environment where they feel truly welcome."

The proposal is to deliver The Annex by 2022 and the theatre has already raised £1 million towards the project. The Annex will also include a Clore Learning Centre for schools and colleges and the theatre will gain the ability to put on 'studio theatre-style performances'.