Labour spent €1.2m to acquire ex-HSBC branch beneath Cospicua's Rialto
The Rialto Theatre is set to be developed into a ‘multi-purpose’ venue
The Labour Party spent €1.2 million to acquire the former HSBC branch located beneath Cospicua’s historical Rialto Theatre.
Although the party announced the acquisition last year, the price was never publicly disclosed. The purchase allowed the party to take ownership of the entire Rialto building.
In 2021, the party issued an expression of interest for the site, which it said was guided by the principles that the property’s original use as a cultural hub should be retained and that the party should receive the best value for its property.
Concerns have been raised over subsequent plans to restore the building and turn it into a hotel, concert venue and restaurant, with a “multi-purpose” hall on its rooftop floor.
The planning application by concrete makers GP Borg and involving lawyer and tuna farm lobbyist Charlon Gouder raised concerns among residents and NGOs, who feared the planned venue would lead to loud music blaring across the area.
Despite the concerns, the Planning Authority greenlit the plans earlier this year.
The president of Forum Komunità Bormliża, Yana Mintoff, described the project as “a huge commercial development” in the residential area of Cospicua that will have a negative impact on the lives of residents. The daughter of former prime minister Dom Mintoff also cited concerns about the lack of parking spaces and increased traffic.
Mayor Marco Agius said the local council was supporting the project, asserting it will bring “new life” to the area.
Opened in 1956, the Rialto Theatre boasts a unique Art Deco façade and was a major focal point of social life for Cospicua and the Three Cities in its heyday. The cinema closed in 1988 in the face of dwindling audience numbers and has since remained virtually abandoned, save for one-off events.