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Council chiefs have pledged that frontline public services in Bournemouth will not be jeopardised – even though they have just paid £7.5 million for the Imax.

It has been revealed that the council took control of the controversial Waterfront building after exchanging contracts with owners Nilgos shortly before midday. The audacious move was presented to stunned councillors late on Tuesday night after months of secret negotiations. Members of the full council unanimously backed it.

The controversial building is in line for “partial demolition and redevelopment”, with the public due to be consulted on what they want to see there. However as the shock of the move sank in, the questions began over whether the council can afford it.

As much as residents and visitors will be delighted to see the back of the Imax, the decision to buy it is bound to be contentious at a time of a massive public spending squeeze. The Deputy leader of the Conservative-controlled council Cllr John Beesley, who has spearheaded the deal, said there would no material effect on front line services, which are funded from a different pot of money.