FOR sale: One Imax cinema, hardly used.

The organisations embroiled in a dispute over Bournemouth's defunct giant-screen cinema are looking to sell their interest in the site.

It seems certain that the Imax - which never reopened following a "temporary" closure two years ago - will never reopen as a giant screen cinema.

And Bournemouth council says it would welcome any alternative ideas which might improve the appearance of the Waterfront building on the Pier Approach.

The Imax opened more than two years late in 2002 and closed before Easter 2005.

Since then, its operator, the Sheridan Group, has been in a legal dispute with NILGOSC, the pension fund which owns the lease for the site.

Now both parties are understood to be keen to settle their differences and sell their interests in the Waterfront.

Bournemouth Borough Council, which owns the land, wants to see proposals for another family attraction on the site.

Stephen Godsall, corporate director at the council, told the Daily Echo: "Both Sheridan and NILGOSC are trying to sell their interest in the Waterfront. They're both considering selling their interest.

"We're aware of that from informal discussions but nothing has been concluded as yet and the council have had neither a formal notification nor a request to transfer the lease.

"The council remains very frustrated that matters are not being resolved but we're unable to force the parties to come to an agreement."

He added: "I believe it's very unlikely it will ever open up as an Imax cinema.

"The council continues to press for a family attraction within the building and would also welcome any proposal that would improve the appearance of the building."

Councillors were told in 1997 that Sheridan would be under an obligation to keep a giant-screen cinema in the building for 10 years.

But the council has been unable to enforce the agreement as long as it continues to receive rent from the site.

In a letter to NILGOSC's agent, La Salle Investment Management, Mr Godsall writes: "As we have previously discussed, the council is extremely frustrated about the failures in the opening and management of this facility and the failure of Sheridan to comply with their obligations to the council.

"The council's objective remains to achieve a family attraction within this development, as always promised by the parties concerned."

No one from Sheridan or NILGOSC was available for comment.