"UNIQUE" family entertainment could be coming to Bournemouth's troubled Imax by summer 2008 if a buy-out is given the green light by the council.

A developer exclusively told the Echo he has agreed a take over with the leaseholder and wants to bring in "fantastic" new schemes.

AYL (Waterfront) said it is awaiting council approval - which could come as early as November 21, when council officers will report on the planned takeover to the cabinet.

A spokesman said it is its first entertainment venture and that it has asked architects BDP, the people behind award-winning Bournemouth library, to look at designs for the interior and exterior.

Virju Rach, the man behind AYL said: "We are aiming for indoor family entertainment - there are some fantastic schemes, one or two are the first of their kind in the UK."

The idea was welcomed after the wet summer that crippled the tourism industry.

Cllr Ron Whittaker, Throop and Muscliff, said: "It has got to be for wet weather entertainment when you look at the summer we have just had."

Nigel Hedges, vice president of Bournemouth Chamber of Commerce, said: "With the Oceanarium, the Showbar, and the pier, that area could become the place to be."

The waterfront white elephant, hated since it was built, also has a rival prospective buyer in The Trevor Osborne Property Group.

Trevor Osborne said he is still in talks with the Imax majority owners Nilgos and added: "There has to be some realism about what can be achieved with the building.

"Its such an ugly building any proposal we had would want to alleviate that. I would only be interested if we could make something different out of it."

Mr Rach said his firm last year invested £10m in an office regeneration project in Bristol and Bath, and that this year it has another £15m of investment in progress.

AYL tried to exchange leases in July but the council requested more financial information because the company has only just been formed.

Mr Rach said: "We are waiting for council approval of the assignment of the lease.

"Once that goes through it's under our ownership and we can sign up potential tenants for the whole building. Hopefully we are looking at a grand opening in summer 2008.

"Compared to what's there now it's going to be a lot better. Some of the new schemes are quite unique to the country. It will be completely occupied."

The Imax building has two leases. The head lease is with the Northern Ireland Local Government pension scheme (Nilgos) and the underlease is with leisure group Sheridan.

AYL has already exchanged contracts with Sheridan and it is now waiting to see if the council decides its bid to take over the 145-year lease from Nilgos meets the statutory requirements.