New proposals could revive an historic town centre landmark and bring it back into use as a restaurant or café.
Bolton Council’s cabinet will consider a report on the future of Number 1 Newport Street when it meets on November 4.
The project could see the council take back control of the building and carry out the necessary repairs to open it back up to the public.
The Grade II listed building dates back to the 1820s and was used by the Bolton Corporation as an exchange library and museum.
The lease was acquired by Nationwide Building Society in 1970 and the property has been sublet to various tenants, most recently Coral Bookmakers.
The building has now been empty for a number of years and an independent survey has shown that renovation work is needed on the roof, windows and interior.
Under the proposals set to go before cabinet, the current holders would be allowed to end their lease early in exchange for a lump-sum payment to the council.
A portion of that amount would then be used to cover the estimated cost of the renovation works, while the council identifies a suitable new tenant.
Earlier this month, the council hosted the Hospitality Business Event which saw dozens of potential investors express interest in taking on vacant properties.
Number 1 Newport Street’s close proximity to Victoria Square and the Crompton Place redevelopment site make it an ideal location for a hospitality venue.
The report recommends that the cabinet agree to the lease surrender, the renovation works and the subsequent lease to a suitable new tenant.
The proposals are part of Bolton Council’s wider Regeneration Masterplan, designed to make the town centre a better place to live, work, visit, study and invest.
Bolton Council's Deputy Leader and Executive Cabinet Member for Regeneration, Cllr Akhtar Zaman, said:
“This is a great example of how direct intervention from the council can create opportunities for town centre regeneration.
“We have already seen that by acquiring empty or underused property we can deliver projects like Moor Lane, Church Wharf and Farnworth Green.
“While we have the option of leaving the property with the current leaseholder, we know Bolton residents want to see Number 1 Newport Street brought back to life.
“This is a real opportunity to revive an historic building while adding to the vibrancy of the town centre with a new restaurant or café.”