Harry Crosbie, the man behind the development of Dublin’s Bord Gáis Energy Theatre , said the proposed sale by receivers appointed by Nama would be “an uncivilised and barbarous act”.
The lavish theatre cost about €80 million to develop but is for sale at €20 million.
Speaking publicly for the first time since Nama took control of the theatre in April 2013, Mr Crosbie told The Irish Times that the 2,111-seater venue, designed by Daniel Libeskind, was an attempt "to create something beautiful" and should not be treated like a "warehouse outside Mullingar. This building has already become part of the social and cultural fabric of the city and should be treated with more respect."
He suggested “the artistic community of Ireland should come together to stop this sale”.
The BGE Theatre, formerly known as the Grand Canal Theatre, opened in March 2010 and, according to Mr Crosbie, “has traded in profit from the first day”.
Agents for the sale, CBRE, describe the theatre as a “trophy asset” and says it had revenues of over €8 million last year.
Mr Crosbie says the theatre as a stand-alone project has borrowings of just €13.8 million from Allied Irish Banks and claims these can be repaid from its revenues.
A spokesman for Nama refused to confirm or deny this figure, and pointed to legal restrictions that do not allow the agency “to discuss publicly the financial affairs of their debtors”.
He declined to comment on whether Nama sees itself as having any remit to consider the cultural impact of the sale of such a significant arts venue.
New conditions
Mr Crosbie also said that, if he retains ownership of the theatre, he will accept new conditions which would strengthen its connection to the Irish arts community: representation on the theatre’s board for the Minister for the Arts; blocks of stage time set aside for Irish productions and artists; and an apprenticeship scheme for local young people to learn technical theatre skills in areas such as sound, design and lighting.
The new Minister for the Arts Heather Humphreys, responding through a spokesperson to questions about whether she supported the sale and whether she would accept Mr Crosbie’s proposals in principle, said the sale is a matter for the Minister for Finance.
“The Minister for Arts, Heritage and the Gaeltacht does not comment on decisions of Nama. There is no record of the receipt by the Minister or the Department of Arts, Heritage and the Gaeltacht of the offer from Harry Crosbie which you describe.”
