Market Weighton Town Council has completed the purchase of the former Barclays Bank building in the centre of the town.
After lengthy negotiations with two vendors the council is now the proud owner of the site at 35/37 High Street.
The council was assisted throughout the process by local estate agents Clubleys.
The refurbishment to turn the premises into an a multi-purpose town hall for the benefit of the residents of the town will be begin shortly, and is expected take approximately 10 weeks to complete.
New facilities will include a town hall and exhibition space, meeting rooms and a drop-in centre, all of which will be available for residents.
Town Mayor, Councillor Nigel Botting, said: “I feel this is a marvellous opportunity for Market Weighton to establish itself as one of the key players in the East Riding.
“In addition to new facilities within the newly acquired town hall, it is hoped that, with appropriate funding from sources such as the Arts Council and the National Lottery, we will be able to establish an arts centre behind the main building for use as a theatre, cinema and performance space.
“I would like to thank Chris Clubley and his team for all their assistance in bringing this marvellous asset into public ownership for the benefit of the town and its residents.”
Chris Clubley said: “What a wonderful opportunity for the town, the move to one of the most outstanding properties will lift the profile of the town centre and hopefully encourage the people of the town to visit the town centre and support all the local traders.”
The town council has also been in the process of gaining planning permission for its current site on Linegate.
It was seeking permission from the East Riding of Yorkshire Council for a change of use to the building from offices to two dwellings.
Councillor Peter Hemmerman, writing in support of the application, said in a letter: “The sale of the building with permission for conversion to residential accommodation will enhance the site considerably, offer much-needed small, affordable, town centre accommodation and enable the council to provide a better facility for the public of Market Weighton at the new building, with a proper Town Hall for events and public occasions and space to develop diverse and much-needed community facilities.”
Outline planning permission for the change of use was approved in February.