THEATRE lovers are celebrating after Liverpool council bosses confirmed the Neptune Theatre could finally reopen.

The intimate Hanover Street venue was mothballed in 2005, because it needed massive refurbishment.

It was the cornerstone of the city’s amateur dramatics scene and hosted touring companies, live music and stand-up comedy shows.

But Liverpool City Council fell out with leaseholders Hanover Estate Management over the cost of rent.

Hanover reportedly wanted to up the rent from £6,000 to around £60,000 a year – even though the council owns the freehold. The two sides went to arbitration and have now agreed on a “mutually acceptable” figure.

Councillors have agreed a five-year tenancy and are looking for a partner to re-open the 450-seat venue as a community theatre. Council leader Warren Bradley said the agreed rent is “nearer £6,000 than £60,000”, but could not give the exact figure.

“We have stuck to our guns and the city hasn’t been held to ransom. All we did is what we said we would do, if we got a fair adjudication. We’re looking for an external partner to run the theatre on a brief to ensure community groups are part of the thinking.”