Bradford West MP George Galloway has urged Bradford Council to accept a “take it or leave it” deal to buy the defunct Odeon cinema for £1.

The Respect MP, who sent a letter to the Homes and Communities Agency (HCA) asking it to commit more cash towards preserving the iconic building, called on the authority to “pay the pound” after the HCA said it would not increase its purchase offer of £1 plus £100,000 to cover ongoing costs and maintenance.

Mr Galloway said it was “crucial” the Council acted quickly to take on the site and work on its future. But Council leader David Green last night said its position had not changed and it would await the results of an investigation into the state of the building before making a decision on whether to take it on.

The HCA confirmed it had offered the Odeon building and adjacent car park to the Council for a nominal sum as well as transferring £100,000 in holding costs, which would allow the 1930s city centre building to be maintained while its future use is determined.

Mr Galloway said: “If the deal isn't acceptable to the Council, then the HCA will put the Odeon on the market, although the chairman does throw in that offers from community groups would be considered.

“The people of Bradford West have spoken out overwhelmingly that they want the Odeon retained.

“The HCA spent £1.36 million on emergency repairs and asbestos-stripping and I know that the Council has had a look inside. So it’s in as good shape as it’s going to be. What we don’t want is this prized asset depreciating further.

“It’s crucial that Bradford Council takes possession of this building quickly and we can then all work together on its future.”

The HCA terminated a long-standing legal agreement in September with developer Langtree, which had wanted to demolish the building and build a £40 million New Victoria Place development of offices, a hotel and apartments.

A spokesman for the HCA said the sum of £100,000 represents the “full amount of the remaining funding that the HCA has available for this site.”

“As we informed both the recent Council scrutiny committee and Mr Galloway, in the past year we have spent more than £1.3m making the building safe, which adds to the £5.2m spent by Yorkshire Forward since acquiring the site,” he added.

“The Council is quite rightly carrying out its own due diligence on the site and we’re providing all of the information we hold. If the transfer goes ahead, we would support the Council to secure a commercially viable outcome for the site that meets their objectives and those of the people of Bradford.”

Coun Green said the Council was carrying out an investigation into the state of the building and hoped to announce its decision before next April.

“We need to understand that before we make any final commitment to taking on the building.

“That work is underway and will be completed in the near future. At the overview and scrutiny committee it was suggested that final decisions would need to be made by the end of the financial year in April and we expect to make announcements before that.”