A HISTORIC cinema has been bought by developers who want to demolish it and build 70 flats – none of which is “affordable”.

Developer Ktesius and investment firm Cogress have made a joint purchase of the old Astoria cinema in Gloucester Place, Brighton, aiming to bring “vitality to the area” with a seven-storey residential development.

The London-based buyers are planning to call the proposed scheme the Rox, which they hope to complete by the end of 2019.

The new owners said: “The existing building, which is run down and has sat vacant for the past 20 years, will be demolished and replaced with a seven-storey building designed by the renowned Cove Burgess Architects.

“Extending to approximately 67,694 sq ft, it will comprise 70 one, two, three and four-bedroom apartments, plus commercial space at ground level that will help to revitalise the street.

“Situated in Gloucester Place opposite the Valley Gardens conservation area, the site enjoys a prominent location within walking distance of all that Brighton has to offer, including the Royal Pavilion, seafront and pier, as well as the popular North Laine – a unique street lined with interesting boutiques, cafés and bars.”

The plans do not include any affordable housing, with the buyers instead opting for a payment of £1.6 million to Brighton and Hove City Council to fund homes across the city.

A number of planned schemes have previously been submitted for the Grade II listed building.

Planning permission for the most recent proposal was granted in January following an appeal.

The plans were originally turned down by Brighton and Hove City Council before being granted planning permission by inspector Tim Wood.

Cogress chief executive Tal Orly said: “We are constantly striving to diversify our portfolio to bring our growing network of qualified investors the best investment opportunities across the UK.

“This development, our second with Ktesius Group, aims to meet investors’ demand for more affordable development opportunities outside London.”

Ken MacRae, CEO of Ktesius Projects, said: “We are aware that the site has changed hands a number of times with various stalled proposals, however we have a strong track record and confidence in our carefully selected project team that will deliver an outstanding scheme of the highest possible quality.”

Built in 1933 in a prominent art deco style, the Astoria was designed by Edward Albert Stone, who also designed the Astorias in Brixton, Streatham, Finsbury Park, Charing Cross Road and Old Kent Road.