Hadleigh Town Council has unanimously decided against bidding on a Grade II-listed building in the town previously used by community groups.
The impressive former Corn Exchange in Market Place was put up for sale in April by owners Suffolk County Council.
This came just a month after the Brett River Children’s Centre, which was based in the building, was closed by the county council.
In the aftermath, Hadleigh Town Council had asked for ideas and views from residents and community groups that may be interested in using the site.
The council had already successfully listed the building as an asset of community value, something that may help keep the property for community use in the future.
However, last week the council agreed the building was simply too expensive for it to purchase.
In a statement the council said: “Following its meeting on Thursday, October 15, Hadleigh Town Council regretfully announced that it will not be pursuing the purchase of the Corn Exchange which was made an Asset of Community Value in 2014.
“After investigations into options for the purchase of the building the Finance Committee met to discuss the financial implications for the Town Council should it make an offer to purchase.
“Careful consideration was given by the Finance Committee to all the options available and they unanimously agreed to recommend to the full council that it would not be financially viable to purchase the Corn Exchange.
“It is now likely that the Corn Exchange will be sold by Suffolk County Council on the open market and Hadleigh Town Council would fully support any interested party that may purchase it for community use.”
The council had held two open days to allow members of the public and interested parties to see what could be done with the building, with two groups coming forward with proposals.
The council had supported both ideas in principle, alongside any potential bid, and has said that it will continue to support both of the proposals.
The building, which requires extensive roof repairs has a hall in the middle, with six offices around the side.
One concern has been the lack of car parking at the site.