The lease, valued at Ô£3.1 million, replaces the previous agreement, which was due to expire in 2012.
John Gilhooly, director of the hall, told PlaybillArts that Ô£575,000 to pay for the lease has already been raised through private fundraising. A public appeal will be launched in two years, and the hall has three years to reach the Ô£3.1 million target.
Gilhooly said he is confident the money will be raised, citing the Wigmore's history of successful fundraising campaigns. Four million pounds has been raised since 2001 for various projects, including a major refurbishment in 2004. Donors who contributed to previous projects are expected to help with this loan, he said.
Money saved from the annual rent, once the lease purchase is fully funded, will be spent on expanding artistic and educational programs, hall maintenance, and Wigmore Hall Live—the venue's new record label.
The prestigious venue was built in 1901 by the Bechstein piano company and hosts recitals and chamber music concerts.