Kainos sells half of Dublin Road site to Queen's University

Kainos bought the Movie House site on the Dublin Road in 2019, the cinema has since been demolished

The Belfast-based IT firm Kainos has sold half of its new headquarters site to Queen's University.

The university intends to develop student accommodation.

Kainos bought the Movie House cinema site on the Dublin Road in February 2019 to accommodate its growing workforce.

The rise of home working during the pandemic means the company does not need as big an office as originally planned.

In a statement, the firm said: "The revised design for the building will only require 50% of the existing site and, following a sale process, it is the company's intention to dispose of the remainder of the land to Queen's University Belfast."

The sale price has not been disclosed.

Kainos will now proceed with the selection of a contractor for the construction of the new office building.

It expects the project to cost between £27m and £30m, which it will fund with existing cash rather than borrowing.

In recent years, Queen's has developed two major student accommodation schemes in Belfast city centre.

A development brief suggests the Dublin Road site could accommodate about 400 student rooms in a 13-storey tower.