Soon-to-be defunct regional development agency Yorkshire Forward has confirmed that the future ownership of the former Odeon building in Bradford is undecided.

The agency, which is to be wound up by 2012 amid Government cuts, is undertaking a review of its property portfolio ahead of its eventual closure.

Yorkshire Forward bought the key city centre site in 2003 for £2 million and a contest for the redevelopment of the former cinema and theatre followed.

Developer Langtree Artisan won the competition in 2006 and while Bradford Council gave consent for the Odeon to be demolished and passed the designs for New Victoria Place last year, it is subject to a legal agreement which has not yet been signed.

The £40 million New Victoria Place will feature offices, apartments, a hotel and restaurant.

A spokesman for Yorkshire Forward said it was reviewing the future strategy with regard to all its assets, but as yet there has been no decision on the Odeon.

Councillor David Green, Bradford Council’s portfolio holder for regeneration, has reiterated his concerns that control and ownership of the Odeon should remain in local hands.

He told the Telegraph & Argus: “As a Council we are looking to our MPs to help secure the assets that Yorkshire Forward holds in Bradford. We are concerned that assets held by the regional development agency are not simply regarded as a Government asset to be disposed of to the highest bidder without any discussion.”

And last week David Ward, Liberal Democrats MP for Bradford East, called for a rethink on the Odeon’s future while there was uncertainty about its future ownership.

He said: “What’s changed is the possible ownership of the building with Yorkshire Forward on its last legs. Will the building transfer to the Council at some point? I’m trying to find out from Business Secretary Vince Cable about what happens to the ownership of Yorkshire Forward’s assets when it disappears.”

Yorkshire Forward is considering temporary cladding of the Odeon building to make it look more presentable ahead of the opening of the £24.4m City Park.