Bradford's landmark Tyrls central police station has been sold for £2 million to pave the way for the city centre's futuristic redevelopment.

The prime site near City Hall is earmarked to become part of the urban park and dramatic water features envisioned in the radical masterplan for the city centre.

Speculation has been rife over the future of the stark building, opened by the Queen in 1974, which has been described as one of the city's ugliest buildings.

But today Bradford Centre Regeneration (BCR) announced it had jointly acquired the glass-fronted police HQ with Government-funded regeneration agency Yorkshire Forward.

West Yorkshire Police will continue to occupy the building until new headquarters, in Nelson Street, are completed at the end of this year.

Under the masterplan for the city centre by world-renowned architect Will Alsop, the building would be demolished and the site transformed into a lake.

But no timescale has been given for its demolition and no firm decision has been taken about the creation of a lake around City Hall.

The regeneration plan would also mean relocating the magistrates' court next to the police station to a new site.

Two years ago, Yorkshire Forward stepped in to buy the former Odeon Cinema in Princes Way for £2 million hours before it was due to be auctioned in London.

The 1930s building is also due to be demolished and BCR - the partnership company set up to spearhead the regeneration of the city - wants a landmark building on the site.

It has launched a global competition to find a company which could design and fund the development of the site.

And it is understood that behind the scenes BCR is acquiring a number of other key city centre properties as it speeds up implementation of the master plan.

Today the company's chief executive Maud Marshall said: "The police station acquisition constitutes an important milestone in the renaissance of the city centre. It will enable us to deliver the city park - the master plan's signature scheme."

Yorkshire Forward's executive director of strategy and policy Tom Riordan said: "This is a significant step forward in the drive to fulfil the new vision for Bradford, which is becoming a place that investors can have real confidence in.

"It is a very exciting time for everyone involved and Yorkshire Forward is delighted to be playing its full part."

Vice chairman of West Yorkshire Police Authority Councillor Clive Richardson (Con, Thornton) said: "It is a key site and the existing police station has turned out to be a lousy building. Demolition will be no loss to the architectural heritage."

Work is well underway on the new headquarters which will cost between £5 million and £10 million and are situated close to the existing fire station in Nelson Street.