Langhill Lodge, on Manchester Road, Broomhill, dates from 1878 and offers just over 2,000 square feet of accommodation.
The lodge comprises four double bedrooms, two en-suites, a main bathroom, a large kitchen diner, a living room, downstairs WC and integral access to a spacious garage.
Meanwhile, the new home has been designed by Sheffield firm Coda and has full planning permission.
"The single storey 3/4 bedroom detached house represents an exciting opportunity to build a unique property within this highly regarded and sought after location,” says the estate agent Spencer, which is handling the sale.
"Under current plans the accommodation will measure at approximately 1,722 square feet (not including wine cellar or sauna).”
Offers of around £950,000 are being invited.