Edgar Wallace, owner of recycling business Preston Plastics, has bought a Preston landmark from fellow recycling entrepreneur Steve Jackson, founder of the Recycling Lives homeless charity.
The grade II-listed building at 49 to 51 Guildhall Street is known locally as the 'Old Fives'.
Wallace said he is in talks with a potential tenant about returning the premises to use as a bar and restaurant venue. Work has started on a refurbishment of the interior.
Wallace said: "The property is now owned outright and there is no mortgage or debts involved which gives the building a secure future. I will be leasing the building out and I'm in negotiations with a potential tenant who will run the building as an evening leisure and entertainment venue. We hope very soon to be able to bring this impressive and ornate building back into use and to boosting Preston's night-time economy."
The three-storey building was built in 1878 as the original Preston Conservative Club. It later became the well known Fives and 49s bar and restaurant until it closed in 2006. The basement reopened as the Cocktail Factory in 2007 with Vintage bar and restaurant opening upstairs in 2007 and later the Priory bar. These venues later closed and the building has been unoccupied since August 2011.
Wallace was advised by the property team at Preston commercial law firm Harrison Drury. Sue McDonald from the Preston office of Montpelier Chartered Accountants also advised on the deal.