London Zoo would become “financially impossible to sustain” without an urgent extension to its lease, MPs warned on Tuesday.
The world renowned attraction will reach a “crisis point” if its tenancy contract with the Crown Estate is not increased from the current 60 years, a debate in Westminster heard.
MPs called for the lease in Regent’s Park to be extended to 150 years so the Zoological Society of London (ZSL) can continue its conservation work.
Without the extension the institution would struggle to raise funds and investment for research, conservation work, replacing “dilapidated” buildings and paying its increasing bills.
Harrow East MP Bob Blackman brought the debate to Westminster Hall and was supported by a cross-party group of MPs.
He said: "The reason why I have called this debate today is the Crown Estates Act 1961 caps the lease at a maximum of 60 years presenting a number of difficulties.
"Through this debate, and a subsequent change in the law, we are hoping to extend this to 150 years.
"With only 60 years on the leasehold it is significantly impacting the zoo's ability to fundraise, create new partnerships, expand support progamrammes for the local community and invest substantially in regeneration of the existing site."
He added that the zoo has extremely high running costs that "cannot be compromised" and receives no government grant aid.
"To continue with the 60 year lease would make the zoo financially impossible to sustain, which would bring us to a crisis point and I strongly suggest we do not get to that point," Mr Blackman said.
The institution is the world's oldest scientific zoo, having opened in 1828 as a research facility.
Famous scientists, including Charles Darwin, studied there. In 1847 it opened to the public for the first time.
It is the tenth most visited attraction in the capital and contributes £24million to the local economy every year.
It now houses 16 species that are extinct in the wild and more than 100 critically endangered animals.
The current lease began in 1995 and under the the Crown Estates Act, which outlines rules around land belonging to the King and managed by the Government, it is capped at 60 years.
Other Crown Estate properties, such as Kew Gardens, have recently extended their leasehold contracts.
Labour MP for Westminster North Karen Buck said: “I strongly support the pitch for a lease extension. It is a necessary, sensible and pragmatic approach to securing long term investment. The request by ZSL will merely bring them into line with other Crown Estate land as well as comparable organisations, such as Kew.
“Legal adjustments of this kind, while minor in the grand scheme of things, often seem to fly beneath Government radar...We do need Government to act on this.
“It is a very modest, very specific and yet extremely valuable approach being taken by London Zoo. I hope the minister will be able to take this forward without further delay."
Conservative MP for Cities of London and Westminster Nickie Aiken said the Government must make sure the zoo "continues to thrive as it reaches its 200th anniversary".
She added: "If we don't extend it there will be implications for the ability of the zoo to raise further fundraising money to contnue its work and also to encourage investment from its global partners. Without that investment it will not be able to continue the outstanding conservation work. I wholeheartedly support extending the lease."
A Private Members' bill on the lease extension has received cross party support and Mr Blackman said he hoped the new law would be on the statute book "without delay".
