Sheffielders could be invited to buy shares in historic Old Town Hall

The Old Town Hall at Castlegate, in the city centre, has lain derelict for more than 20 years, and concern is growing about the extent to which the once majestic interior has been allowed to deteriorate during that time.

The Castlegate Preservation Trust has been set up by the Friends of the Old Town Hall in an attempt to buy the Grade II-listed building on Waingate and bring it back into use.

The trust hopes to help fund the purchase by inviting people to buy community shares, which it says could go on offer by the end of the year.

Shareholders would be given a say in how the landmark is restored and run, should the trust raise enough to buy it, in a similar strategy to that which was used to save both Portland Works near Bramall Lane and The Gardeners Rest pub in Neepsend.

Valerie Bayliss, who chairs the trust, says she expects there to be huge demand given the public interest in the building, which housed the city's courts as well as being the council's headquarters.

"We think the appeal should be pretty widespread across the city because so many people know about the building and have been in and out of it for one reason or another in the past," she said.

"We want it to be a community asset in community hands, and we're confident there will be a lot of interest if we offer community shares."

The building is owned by G1 London Properties Ltd, which bought it in 2004 for a reported £650,000.

It is advertised for sale, with potential buyers advised it represents a 'unique opportunity' to buy an 'iconic landmark building'. The asking price was previously listed as £3 million, though no figure is now given.

Ms Bayliss said a professional valuation for the trust indicated the building was currently worthless due to the scale of restoration required, which it is estimated would cost substantially more than £10 million, and she said that would be the starting point when it came to negotiating the purchase.

In the meantime, the trust is seeking new board members and advisors who are up for the challenge of 'transforming what’s currently a blot on the Castlegate landscape into a facility that Sheffielders can be proud of'.

It wants to hear from anyone with commercial acumen and financial and legal expertise, especially those who have experience of converting heritage buildings or running the the kinds of businesses that could operate from the Old Town Hall, like cafés, bars, performance spaces, work spaces and meeting facilities.

The trust, which has drawn up initial proposals for a phased restoration of the building, has already secured grants from the Heritage Lottery Fund, the Architectural Heritage Fund and Sheffield Town Trust, among others, and has also held talks with Sheffield Council about how it could help with the purchase.

Ms Bayliss said: "2018 is a critical year. The Old Town Hall is in a bad state and getting worse. It's owned by a London-based private company who don't appear to have any plans for its future.

"We want to rescue it and turn it into the asset for the community that it ought to be. And this is the year we really want to start putting our rescue plan into operation."

If you are keen to help, and believe you have the necessary skills, email [email protected].

The Star has attempted to contact G1 London Properties Ltd.