Why become a property owner?
The Nova cinema has been in the premises since 1997, with different statutes and owners, and became a sub-tenant in 2005 under a lease due to expire in May 2024. Nova was concerned about the strong real estate pressure in the area: the market value could mean a sixfold increase in its rent. It’s been decided to set up Supernova Coop in 2017 with the idea of acquiring the hall and letting it to the Nova ASBL for the lowest possible rent. Although the sale did not come into effect at the time, the idea became more clear and mature: create a structure that would become the ideal owner and guarantee that Nova would endure for several generations, while remaining independent with collective ownership. This ideal owner would not interfere with Nova’s programming, editorial choices, ethics or operating methods. It would not drain the finances of the ASBL that manages the cinema and would charge a reasonable rent to cover the costs associated with its role as owner, without making any profit. It would be concerned about the work required to maintain and adapt the building to the cinema’s activities.
Following a change of ownership in 2020, talks began between Supernova Coop and the new owner, Galeries Royales Saint-Hubert, who agreed in 2021 to the idea of selling the hall on an long-term basis. An emphyteusis is a property right linked to a fixed term – 68 years in our case – in return for payment of a fee of EUR 680,000.
Since 30 April 2024, thanks to the funding provided by all our members, Supernova coop enjoys a long-term lease on the cinema until 2092 !
Why create a cooperative?
To ensure that the building’s ownership remains collective and not for profit, and to mobilise a community of co-operators who want to contribute to the conservation of a venue and an institution which they believe to be important.
The purpose of the cooperative is therefore to acquire the long-term lease and transfer use of the premises to the Nova ASBL in return for the lowest possible rent. With this system, the ASBL retains control of its initiatives and decisions. If it were to disappear – which is not planned, be assured! -the cooperative guarantees that only a cultural activity that shares the same values will be able to take over Nova’s lease. In this way, Supernova Coop is perpetuating an independent, self-managed cultural venue in the heart of Brussels until 2092 !
