Belfast's Odyssey proving to be a hard sell

Belfast's landmark Odyssey entertainment pavilion is proving a hard sell, even in a reinvigorated commercial property market.

It once carried a £10m asking price when put on the market in late 2012.

Two proposed deals - one involving the Irish cinema operator Omniplex - both collapsed.

A new report from KPMG, the administrator appointed to run the business, states "the sales process has been difficult and protracted".

It says for "confidentiality reasons" the issues for this cannot be revealed.

But lease arrangements and its relationship with the governing Odyssey Trust are known to be complex.

KPMG has been paid almost £1m in fees since 2010.

The report filed with Companies House says it could take another 18 months to sort out.

The pavilion, which adjoins the SSE Arena and W5 Science Centre, comprises 15 units, including bars and a cinema.

Administrators were called after its original developer, Peter Curistan, owed the former Anglo Irish Bank more than £70m.

The debt on the building is now controlled by Deutsche Bank.

So while the re-branded arena enjoys a new lease of life, the search goes on for investment in the adjoining pavilion.

The odyssey of the Odyssey, so to speak.