One of Cheltenham's most distinctive and best-loved buildings is falling into disrepair and won't reopen for at least another 15 months.

The imposing art deco Odeon cinema building in Winchcombe Street is still empty and shuttered two and a half years after it closed.

A nightclub operator is talking to the owners and hopes to open it as a superclub holding 1,400 revellers, but that will not happen before summer 2010.

While those negotiations continue, local traders say the white 1930s building has become an eyesore.

John Finch, manager of hi-fi store Audio T in Winchcombe Street, can look out directly on the cinema.

He said: "I think it's the most beautiful building in Cheltenham. I'm disgusted that the borough council have let this happen.

"I wish someone would do something with it and help regenerate the area."

Laura Brewer, stylist at Twins Hair Studio in the street, agreed: "We look out at it every day and it's covered in graffiti and looks horrible. It's not doing us any good. I wish whoever wants to take it on gets on with it and brings a bit of life back to the area."

Last May, Luminar Leisure was given permission to open a nightclub in the building after an appeal, Cheltenham Borough Council having turned their initial application down.

But the company, which also operates The Place nightclub around the corner is still trying to sort out the lease with the owners of the building.

Leigh Strathearn, spokesman for the company, said: "Luminar Leisure are still negotiating on a leasehold. Opening a club is still on their plan but we can't say whether it will be for this year or next."

The building is owned by Marshall Commercial Development Projects, based in West Yorkshire.

Director James Marshall said: "We're still working out the details of how Luminar want it all to work but we're hopeful of getting it signed within the next month."

Mr Marshall said once the contract had been signed workmen were ready to start on 50 weeks remodelling work to transform the inside of the cinema into a two level venue able to host nearly 1,500 clubbers.

He added: "That would then need three or four weeks fit out by Luminar, so it won't be open for at least a year and a bit."

The building has stood empty since it closed in September 2006, six months after the multi-screen cinema in the new Brewery complex opened.

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