One of Penzance’s most iconic buildings is to be transformed into a community hub, with a food hall and events space, after it was bought by a not-for-profit company.

The plan for the Market House is one of seven projects approved by the Penzance Town Deal Board, making up the Town Investment Plan, allocated some £21.5 million.

And last week it was announced the building is under new community-led ownership thanks to funding from the Town Deal.

The Penzance Regeneration Company, which has been established by local Penzance stakeholders, has completed the purchase which is the first steps towards the redevelopment.

Lloyds Bank will remain in place while the vacant part of Market House will be brought back to its former glory, with a food hall and street food kitchens on the ground floor; café, bar and events space on the first floor; and a town hub and shared workspace on the lower ground floor.

The Town Deal Board said the aspiration is the Market House will become a thriving community space, for people to work, socialise and enjoy.

Susan Stuart, of The Penzance Regeneration Company, said: “This is a wonderful opportunity to bring the empty part of Market House back to life as the focal point for the town centre and an exciting way to showcase and support small local food and drink businesses.

“We’re delighted Lloyds Bank will remain in place and look forward to working with them to revitalise this iconic building. I would also like to thank our advisors JLL and Stephens Scown who worked so hard alongside us to get the purchase over the line.”

Cllr Jonathan How, Mayor of Penzance, and a member of the Penzance Town Deal Board said: “The Market House is such a symbol of Penzance with its dome visible from miles around. I’m so pleased it’s now finally back in local ownership for the first time in many years.

“Parts of it have fallen into disrepair in recent years and we’re now beginning the long process which will ultimately bring it back into use in a way the whole community can enjoy.”