The long lease of the 17th century building is on the market, with a development partner or operator being sought.
The three-storey building is attached to the Plymouth Guildhall and dates from 1615. A new 125-year lease with a peppercorn rent and ground rent is being offered for £1,850,000.
A pre-application plan for a "mixed scheme" has already been approved and commercial property agents at Charles Darrow, in Plymouth, said it could be turned into flats or a hotel with potential for about 26 suites. The agents said "a thriving bar and restaurant currently occupies part of the building", and it is expected that this will remain open.
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