The Shoreditch venue says the contract will be inked with Hackney council "in the coming days."
The council reviewed options for a redevelopment of the site but "rejected them in order to grant the new lease to Village Underground," the venue says, adding that the lease, which will take them through until 2027, means they can now make "sustainable plans for the future." In addition to its musical and arts programme, Village Underground also provides studio space for 30 artists and new businesses.
"This is a great example of a local authority working with and supporting a thriving and well-respected local independent venue," says Hackney's mayor Philip Glanville. "We are sending out a strong message about the value of our arts and music venues for the community and local economy, and how as a council, we will do everything we can to protect them."
Village Underground founder Auro Foxcroft added: "We're thrilled to have agreed a secure future for Village Underground with a new 15-year lease from Hackney council. It's also very timely—there has been so much discussion and press over the plight of clubs and music venues—that this has been the first time in almost a decade that we've ended the year with the same number of grassroots venues as we started. The decline has stopped, the tide is turning and this is the beginning of good news and progress for London's venues, clubs and incredible nightlife."
London's new Night Czar Amy Lamé said: "Today's announcement that the future of Village Underground has been secured for the next 15 years is a fantastic example of how venues and councils can work together. I would urge boroughs around the capital to take steps to protect venues in their communities."
Watch a video celebrating Village Underground's tenth anniversary.
Photo credit: Manuel Vaso