The Ulster Unionist Party is set to downsize - moving from large offices to more compact accommodation.

It was confirmed at the weekend that it to leave its expansive Cunningham House headquarters and is in the advanced stages of negotiating the move from the property on the Holywood Road, east Belfast.

UU MLA David McNarry confirmed the party was looking at "different investment models" and has already identified a new, smaller HQ - also in the east of the city - which it will buy once a Cunningham House deal is agreed.

The UUP annual meeting on Saturday was told of the move, although commercial sensitivities mean exact details may have to remain under wraps.

But Mr McNarry said: "It is important to stress that it is not for sale. It is not being sold to a third party."

He maintained that the UU party is in good health, but no longer has the need for such a large HQ when most of their central staff are based in Stormont.

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As part of an overall review, property and finances across the Province have been assessed and was reported on at the weekend AGM.

Cunningham House was bought for around £1 million, largely with the proceeds from the sale of the old Glengall Street headquarters in central Belfast and the addition of a small mortgage.

Its value spiralled during the property boom, but the recent downturn in the market has impacted on its worth.

It is understood the building and grounds are now priced in the region of £2.5 million.

There is therefore some pressure to retain the site, possibly for years to come, with a view to cashing in later, if and when prices rise again.

Tackling suggestions that the UUP could no longer afford Cunningham House because of electoral and financial losses in recent years, Mr McNarry noted that the mortgage on the building was relatively small.

The truth was, he added, the premises could not be justified when most staff were at Stormont.

He also claimed the UUP is actually enjoying grassroots resurgence.

"Our membership strength is the most effective in a numerical sense of all the parties," said the MLA.

He said this is the reason the UU party used the Balmoral Hall for its AGM over the past weekend.

"Our recruitment figures are increasing, which is reflected in the fact that we need a big venue to hold big meetings,

"Most other parties have the bulk of their staff at Stormont. We are no different. Now that Stormont is stabilising we do not require the large offices at Cunningham House. It's as simple as that."

(BMcC)