EWART, the Belfast based property group, has purchased the former Vic cinema site at Great Victoria Street, Belfast, for £1.05 million sterling. It is a "a prime corner site in central Belfast" opposite the new Jury's Inn project, said Mr Barry Gilligan, Ewart's chief executive.

Ewart is to seek outline planning permission for a 70,000 sq ft office block.

The development costs (including the site cost) will be more than £7 million. The projected gross rental income could amount to around £0.8 million.

The Grand Opera House which is adjacent to the cinema site had expressed an interest in buying the site with a view to using it as a theatre and for office and bars.

Ewart last week announced the acquisition of Strand Parking which manages 5,700 car parking spaces in Britain and Northern Ireland, in a cash and shares deal worth up to £928,000.