Dudley's Cavendish House sold for £800,000
An eyesore office block which has blighted the Dudley skyline for years has been sold for £800,000 after going under the hammer at auction.
Dudley Council today said talks were already underway with the new owners of delapidated Cavendish House.
And officials said proposals were now expected to take a 'huge step forward'.
The identity of the buyer has not been confirmed with officials from London auctioneers Allsop, which carried out the sale earlier this week, saying only the building had been bought by a 'local property company'.
They confirmed the complex had fetched £800,000 when it went under the hammer earlier this week.
This was less than the guide price which estimated the building would sell for between £1.2 million and £1.5 million.
Previous owners Abstract decided to put the office block up for sale as Dudley Council favoured the £50 million Porters Field project submitted by developer Avenbury.
Bosses from the company said they wanted to concentrate on other projects other than Dudley.
Councillor Khurshid Ahmed, cabinet member for planning and economic development on Dudley Council, said: "We are continuing our work with the developers to bring forward the proposals for the top end of Dudley town centre."
He said negotiations were ongoing and believed proposals would now take a huge step forward.
"This is excellent news for the town and reinforces our ambition to bring more jobs and investment to Dudley," he added.
The authority has previously said it did not believe the Porters Field project would be affected by the sale of Cavendish House.
Former owners Abstract said they were pleased the building had been sold and believed the complex would still play an important role in the regeneration of that part of the town centre.
Director Chris McPherson: "Cavendish House is a key piece in the jigsaw for proposals submitted for that part of the town centre and the scheme which has been put together.
"We wish the new owners the very best in their efforts. It is an important site. This obviously marks the end of our involvement."
Mr McPherson previously said the firm had decided it was the right time to put the office block on the market after being approached by parties interested in refurbishing the site.
If successful, the Porters Field project would see restaurants, shops and houses built alongside a supermarket.
Under that scheme, Cavendish House would be demolished to make way for a modern store and a stylish public piazza.
Officials say the project would bring an estimated 500 jobs into the town.
Avenbury was unavailable for comment.
