It dates to 1965-1966, and stands at Coles Corner, the iconic site of the Cole Brothers department store.
2-18 Fargate, at the corner with Church Street, has been acquired for an undisclosed sum by Nottingham property company ALB Group.
It already has Starbucks, Greggs and Hotel Chocolat on the ground floor, and plans are underway to convert the four upper floors of vacant office space into apartments.
The move follows a similar refurbishment model employed by ALB Group in other UK centres, including Stoke-on-Trent, Ipswich, Birkenhead, and Derby, which are already experiencing a turnaround in fortunes.
Group managing director Arran Bailey has long been committed to finding ways to reverse the trend of decay in UK town centres, particularly by encouraging local, independent entrepreneurs to launch new high street businesses, by offering lower rents with more flexible terms.
ALB is seeking to do the same with its vacant retail units in the Fargate building.