The Collingwood hotel in the North Devon coastal town of Ilfracombe will interest hoteliers and property developers alike.
It served as a coaching hotel until its closure at closed at the end of September (although the Edwardian Long Bar is still open).
New owners could either reopen it as a hotel or propose a mixed-use development combining residential units with a wine bar, restaurant or pub (subject to planning permission).
The town has undergone something of a renaissance since Damien Hirst opened his 11 The Quay restaurant in 1999. Proposals to open a year-round ferry link to Swansea would also make Ilfracombe a gateway to North Devon.
The five-storey property, which was created from a terrace of four houses, occupies a prime triangular corner plot between the high street and sea front within the town's conservation area.
It has been within the same family for five generations.
In keeping with its Victorian origins, it offers large and spacious public rooms, period features and high ceilings.
The Collingwood provides more than 70 letting bedrooms, along with four staff bedrooms on the lower ground floor.
It also has a restaurant that can seat more than 120 guests, a 50-plus seat dining room, the 30-seat Edwardian Long Bar, a second bar and a skittle alley. There are also two lounges and a TV lounge on the ground floor.
Car parking facilities are available to the front and side of the hotel.
The Plymouth office of Colliers Robert Barry is seeking offers around £1.5m for the freehold.
By Angela Frewin