The first step has been taken towards redeveloping the Waterfront building on Bournemouth seafront, with the Council agreeing to buy the building.

Council Leader, Cllr Stephen MacLoughlin, said, “We have listened to Bournemouth’s residents who want to see the seafront rid of the detested IMAX building. We have given the existing occupiers enough time to deliver on this site and will not wait for action any longer. The time is right for the Council to seize the initiative.

“Bournemouth Council is taking advantage of the recession to make this happen. The opportunity has arisen to buy the Waterfront building at an affordable price. We have already exchanged contracts and the purchase will be completed on Monday 1 February – at which point the Council will own the building.”

Councillor MacLoughlin went on to explain, “This is the first step in the process and there are still a number of hurdles to be overcome before we can bring back some sea views and commence development of an all-weather attraction. This will take time and will not happen overnight.”

Deputy Leader of the Council, Cllr John Beesley, said: “We are purchasing the building but we still need to secure vacant possession from the remaining sub-tenants before we can proceed with any re-development. We are entering into negotiations with all the relevant parties, in parallel with initiating a Compulsory Purchase Order.”

Cllr Beesley stated, “Let’s not forget, this is a prime seafront location and our aspirations extend beyond simply just getting rid of this eyesore. We want to develop a new facility which can accommodate leisure, arts, culture and entertainment attractions for the public to enjoy whatever the weather.” Cllr Beesley continued, “Acquiring this building now means that the contribution the site can make to Bournemouth through the Town Centre Master Vision will significantly add to the value of the Pier Approach area both financially and socially.”

Cllr MacLoughlin concluded, “The Council has taken the opportunity brought about by the recession to deal with this eyesore. Based on public feedback, we know this move will have widespread support. The redevelopment of the site for viable, all-weather attractions will enhance the town’s image and reputation as Britain’s premier resort.”

The Council explored this option over two years ago but the cost of purchasing the building and the various sub-leases was estimated at that time as being around £15 million, which was unaffordable. The cost now, to buy and demolish the building is expected to be around half this figure. This will be funded from a mix of existing capital receipts not yet earmarked for projects, and prudential borrowing by the Council.

President of the Chamber, Nigel Hedges, said, "One of the most frequently mentioned problems in Bournemouth has been the world famous and nationally derided Waterfront building. This is not only great news but a fantastic opportunity for the town to have a first class leisure attraction tp mirror the Oceanarium and complete the visitor appeal of the pier head area."