University of Birmingham has completed a deal to buy a disused historic city centre building to create a new exhibition hub.
The former Municipal Bank, in Broad Street, has lain empty and mostly unused for years but 12 months ago the university announced it was poised to strike an agreement to inject new life into the Grade II-listed building.
That deal has now gone through, meaning the institute can start the process of turning it into a hub to showcase its research and host performances and exhibitions.
Director of estates Trevor Payne said: "This is an exciting opportunity for the university to work with other public and private partners and play an important part in the redevelopment of the area while still preserving the heritage of the building."
Christian Bull, partner for Mills & Reeve which advised the university on the deal, added: "The new site is adjacent to the exciting Arena Central redevelopment and complex negotiations were therefore needed with stakeholders including Birmingham City Council, HSBC Bank and Arena Central, not only in relation to the university's acquisition of the property but also regarding its access and use.
"We are delighted the university will have a new home in the heart of the city."
The 海角视频's only Municipal Bank was founded by former Lord Mayor Neville Chamberlain during the First World War and operated from the Council House and Edmund Street for several years before building the new headquarters on Broad Street in 1933.
It sits opposite Centenary Square and the Library of Birmingham and was designed by architect Thomas Cecil Howitt in the Monumental Classical architectural style.
Most Read
The city council bought the empty building in 2006 to help kickstart the redevelopment of the former ATV studio at Arena Central.
But those plans were mothballed during the economic downtown and the city has embarked on a long search for a suitable tenant ever since.
It has occasionally been used to host public exhibitions, including the Universe of Sound show held by Symphony Hall in 2013 and the
BBC TV productions Hustle, Line of Duty, Survivors and Toast have also used the building as a studio.
The council first put the building's lease on the market in 2013.
At the time, councillors were keen that it found a cultural or heritage use in keeping with its location near to the library, Rep theatre and Symphony Hall amid fears that a pub or nightclub would be more likely to take up residence.
A year later a consortium of faith groups in the city looked but the plans never got off the drawing board.