Up to £20 million sterling (€29 million) could be raised from the sale of one of the best-known industrial sites in Belfast, according to agents involved in the bidding.

On the market is the Sirocco Works, the factory belonging to engineering firm Howden Sirocco, which makes industrial fans.

At one time the plant employed around 1,500 people, but this has declined sharply in recent years, and the company has decided to sell off the 16acre site, and move to a smaller premises in the city.

According to planning guidelines, the development of the site, which has a frontage of almost 300 metres along the River Lagan, should include apartments, retail, and office accommodation.

Mr Guy Hollis of the selling agents Richard Ellis Gunne described the site as the largest to come on the Belfast market in recent years.