BOURNEMOUTH council could take possession of the hated Imax cinema if the leaseholders fail to pay almost £45,000 they owe the Town Hall before Friday afternoon.

A Notice Before Forfeiture taped to a window of the seafront building states that Belfast-based Sheridan Millennium Ltd owes service charges of £36,738, rent of £7,343, £587 for costs as well as £100 in compensation.

The Law of Property Act section 146 notice to Sheridan adds: “You are required to remedy these breaches of covenant by 4pm on 6 August 2010 by paying the amounts owing in full.”

The latest twist in the long-running Imax saga comes as council chiefs continue negotiating with Sheridan on buying out their two remaining leases for the cinema and another unit.

Before the council can demolish the Imax building and develop the prime site near Bournemouth Pier they have to negotiate a price for the leases or successfully serve a compulsory purchase order on the company.

It is unlikely Sheridan will allow the lease to be forfeited as this would jeopardise a substantial pay-out from the council.

Sheridan’s chief executive Peter Holmes could not be contacted yesterday but told the Daily Echo earlier that if the council came up with the right financial offer for the Imax they were “welcome to it”.

He added: “It’s all down to money and whether the council says they will buy the lease for a figure which is attractive to us. They have to negotiate with us, otherwise it could end up in court. Obviously it is costing us in terms of rent and service charges.”

The Imax opened in 2002 but closed three years later.

The council paid out £5 million for the head lease, setting aside another £2.5 million for ousting tenants and “substantially demolishing” the Waterfront building.

A public consultation found a combination of tropical gardens, water park, interactive arts, museum and performing arts space were the most popular choices to replace the Imax.

Prospective developers have been told that they need to provide a commercially viable attraction with proven public support with the redevelopment improving the vista, opening up sea views from Bath Road and lowering the height of the building.

But a report to the council’s planning board labelled the project “high risk” because it involves £8.5 million of council funds.

Bournemouth council’s property services manager Gary Platt said: “The tenant has an obligation under the terms of the lease to pay rent and service charges.

“As head-lease holder, the council is taking action to recover outstanding amounts owed.”

Read all our Imax news, see the options for development and have your say at bournemouthecho.co.uk/imax