Expert property valuation and disposal firm Pantera Property has been appointed by LPA receivers and independent insolvency practitioners Wilson Field to sell two landmark Sheffield properties in the Castlegate area of the city centre. The Old Town Hall and the former Cannon Hotel on Castle Street were owned by developer Aestrom and are now in the hands of LPA receivers after the business fell into financial difficulties.

Built in 1808, the Old Town Hall building whose iconic clock tower was added 60 years later, also housed Sheffield’s courts until 1997, since when the property has been unused. With a guide price of £1.35m, the over 40,000 sq ft, four-storey grade II-listed property has planning consent for a mixed-use development of 12 serviced apartments, along with 12 hotel rooms, a roof terrace and commercial uses on the ground floor and basement.

Opposite the Old Town Hall, also on Castle Street, the four-storey former Cannon Hotel (pictured) has been converted into three luxury 1,000 sq ft, three-bedroom apartments with open-plan kitchens and reception rooms. The development also includes two 1,000 sq ft retail units on the ground floor and basement.

Kelly Burton, director of Wilson Field insolvency practitioners and LPA receiver, said: “Having appointed Pantera to manage the sale of the properties, we are excited to bring these iconic Sheffield landmarks to the market. Our head office is in Sheffield and we appreciate these buildings’ significance to the city.”

Tom Snook, managing director of Harrogate-based Pantera Property said: “This is a rare chance to acquire what are certainly landmark historic properties in an area of the city that is one of the north of England’s most significant regeneration opportunities.

“Both the Old Town Hall and the former Cannon Hotel are key pieces of the regeneration jigsaw in a part of Sheffield that’s rapidly becoming one of most exciting areas of town to live, work and visit. Needless to say, we have had a huge amount of interest in both properties from potential buyers and it will be brilliant to see these great buildings become assets to the city once again in the hands of imaginative new owners.”

Sheffield’s Castlegate area is earmarked by the city council to become a vibrant and modern part of the city with large-scale public investment set to create a new park and reconnect the district to its rivers and canals, as well as the city centre. The area is home to the Kollider tech hub and acclaimed Kommune food hall, as well as the National Videogame Museum.