A decision has been made to sell off a nightclub building in the city.
Nottingham City Council owns the freehold for 76-80 Lower Parliament Street, which is occupied by the NG1 Nightclub.
However, the authority has agreed to surrender the freehold after it was deemed "surplus to investment requirements".
A council report, confirming the decision, read: "The existing tenant has approached the city council to acquire the freehold interests which will involve the city council receiving a capital receipt.
"This represents value for money for the council and is an efficient and effective use of resources."
The long leasehold was acquired by the applicant back in December 1998, for 25 years.
Three years were remaining on the lease and the existing tenant expressed an interest in the freehold last September.
The council's decision to sell the freehold has come after a review.
The report added: "Following a review of the net operating profit of the asset, the general trend indicates that the trading performance has declined.
"Should the existing tenant decide to vacate the property, the council would need to either re-market the asset in its existing physical configuration or spend substantial capital on renovating the asset for an alternative use suitable for this area."
Several years ago it was announced NG1 was no longer branding itself as a gay club.
