Ipswich Odeon Cinema building sells for £530,000

The guide price for the former cinema was £500,000

A derelict former cinema, which closed in 2005, has been sold at auction for £530,000.

The five-screen Odeon on St Margaret's Street, Ipswich, went under the hammer at Savills in London.

The guide price was £500,000, although the building was originally put up for sale for £1m last year.

The building was being sold by Premier Leisure (Suffolk), but Savills said the buyer's identity would remain confidential at the moment.

The art-deco style cinema, which was built in 1991 next to the Regent Theatre, has 29,900 sq ft (2,870 sq m) of floor space.

Chris Moody, director at Savills Ipswich, said: "Planning has already been granted for change-of-use to a nightclub, tenpin bowling, restaurant, amusements, sports bar and music rooms."

Ipswich Borough Council said, if it was not reopened as a cinema, it may require a new licence.

Councillor Carole Jones, economic development portfolio holder, said: "We are pleased the former Odeon has been sold and would be happy to discuss with the new owners any future plans they have for the building."