The Old Market Theatre has today been put on the market, with offers invited in the region of £1million.
The Old Market Trust was forced into liquidation earlier this month after running up tax debts of £240,000.
The trust said the venue would continue to operate, being run by existing management forming a new company – while around 40 local suppliers owed money were likely to be paid a fraction of the money owed to them.
But Barclays Bank, which took over ownership, has now put the theatre up for sale with Stiles Harold Williams.
The 16,250 sq ft building is being advertised as a theatre, but says it could be used for alternative uses, subject to planning permission.
Brunswick ward councillor Paul Elgood warns on his blog today: “Any potential buyer should note that there will be a vigorous fight to retain it as a community facility.
“The marketing of the site really does highlight the failure of the council to step in and provide security for the building.
“If only there was time to set up a community trust to take on the building.”
The theatre ran into trouble some time ago, and had hoped to raise enough money to secure its future by building two glass penthouses on top.
But after objections from local residents – branded as nimbys whose actions would destroy part of the city’s cultural heritage by theatre staff – the planning application was rejected.