Windmill Lane in the city's docklands area was bought by property investment firm Hibernia REIT last year (14).

A spokesman for Hibernia says, "In recent years the derelict site has become a focal point for anti-social behaviour and graffiti that has spread into adjacent streets. The studio itself has been empty for several years and contained no equipment or fittings to indicate its previous use."

A wall covered in graffiti from music fans from around the world will remain as a reminder of the studio's glory days.

Van Morrison also recorded there and U2 returned to work on their Joshua Tree album in 1986.