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The Belfast Telegraph is to cut up to 89 jobs and sell its famous 19th Century office building in Belfast city centre.

The paper's Dublin-based owners, Independent News and Media Limited (INM), said the move is down to the closure of its printing operation within the Royal Avenue premises.

The presses print Irish editions of several national newspapers.

But sales volumes are declining and two key contracts are coming to an end.

"Unfortunately for the people who have given years and in some cases generations of service at Royal Avenue, it is a very sad day," INM's chief executive Robert Pitt said.

"Our sympathies are with them and their families."

The closure of the printing operation by next June "at the latest" means the company's landmark office on Royal Avenue "is no longer viable", he added.

Since 2010, the volume of newspapers being printed at the Royal Avenue plant has declined by about 50%.

The loss of the two contracts would halve the remaining volume.

Sixty-one jobs are expected to be lost before the end of October when one contract finishes.

The rest of the positions will close in mid-2016 when another contract expires.

The Belfast Telegraph has occupied its four-storey building for about 130 years.

New premises will be sought for the newspaper in the "very heart of the city", although INM said it has not yet put a timescale on any move.

Publication of INM's Northern Ireland titles, including the Sunday Life, are not affected by the job losses and will be printed at its plant in Newry in County Down.

INM bought the Belfast Telegraph for £300m in 2001, and Mr Pitt said the company remains committed to the newspaper.

"The paper will be out tomorrow and for years and decades to come."

North Belfast DUP MLA Nelson McCausland said the job losses would cause "huge concern for any family affected".

"I have already spoken to INM about this development, and DUP representatives will seek to meet them early next week to get a clearer picture of the background to this decision," he added.

Sean Smyth, of the trade union Unite, said it would attempt to save as many jobs as possible.

"This large-scale job loss announcement has come out of the blue," he said.

"The decision to relocate production appears to be driven by management's desire for profit-maximisation," he said.