Sheffield's Old Town Hall set to go under the hammer for less than £1m

The historic building will go under the hammer in November with a starting price of less than £1m - a big drop on its current £1.35m tag.

It will be sold by London-based Allsop auctioneers, and a buyer will have 20 days to complete.

The Grade-II listed building was put on the market in June after lenders pulled the plug on developer Efe Omu.

Insolvency firm Wilson Field was appointed to sell the building.

Tom Snook of Pantera Property, which was hired to market the property, said there had been a lot of interest and more than five offers.

But ‘due diligence’ - checks by potential buyers to establish liabilities and evaluate its commercial potential - had ‘taken time’.

Now, an auction meant interested parties would have to carry out surveys and checks beforehand. And it meant a deal should be done by the end of the year.

Mr Snook said it could still sell before then but it would be on ‘auction terms’.

The building will be marketed from this week, he added.

The Old Town Hall on Castle Street dates back to 1808. It has been disused since 1996 and is badly dilapidated.

In June, Mr Snook said it was a rare chance to acquire a landmark historic property in one of the north of England’s most significant regeneration areas.

Mr Omu also lost another one of his projects, the former Cannon Hotel, opposite the Old Town Hall on Castle Street. It was also put up for sale.