A 'GOLDEN opportunity' to transform an eyesore building as part of a major multi-million pound regeneration scheme will be missed.

But a council boss says there still could be the potential to regenerate the dilapidated Trinity House building on the corner of the city’s St Nicholas Street and Queen Street.

After an update on the proposal for central government's Future High Streets Fund, at the latest policy and resources committee, Councillor Louis Stephen said: "Trinity House is a bit of an eyesore for the city, and it looks like we can't reach a deal that is viable to go forward now. This is a real opportunity, there aren't many like this, where we have potentially millions of pounds to spend on a regeneration project.

"If this doesn't go ahead, do you think there are any other possibilities to push this forward? This is the golden opportunity."

David Blake, the authority's managing director, said: "It is fair to say the current owners of Trinity House are telling us they will be bringing forward a development proposal. We have to accept that at face value.

"They are working with a development partner, who we are in contact with. Ever the optimist I hope that proposal bears fruit. "

Earlier in Tuesday night's meeting Shane Flynn, corporate finance and resources, said a design option for Scala Theatre and Corn exchange had been agreed.

Mr Flynn said the option now settled on was the proposal that had the vast majority built within in the Corn exchange and theatre, but a couple of other areas - an office, a rehearsal room - potentially being sited elsewhere.

"We are still to decide where that will be but we might use some of the premises we have nearby," he added.

Councillors also agreed to transfer funding previously meant for the former Panama Jacks restaurant in Angel Place to support the cafe and bar facilities within the theatre.

This was necessary as Panama Jacks owners have plans for a new restaurant, not as a part of the scheme.

Committee members also approved allowing the council to look a buying alternative vacant/derelict commercial properties with the money that had been earmarked for the purchase of Trinity House.