One of Shrewsbury’s most historic riverside buildings, which has been lying empty for two years and is feared to be falling into ruin, could soon be transformed into two restaurants, its owners said today.

The Old Maltings in Frankwell is set to undergo urgent £50,000 repair work to the roof so new tenants can take up a lease. It has been vacant after it was earmarked for a major £6 million riverside development project three years ago.

The development included plans for a new floating restaurant and apartments – but the scheme was rejected by planners.

Campaigners have since been calling for the site and the nearby Stew building to be served with compulsory purchase orders to safeguard their future.

But Mike Greening, director of Engrailed Cross Investments Ltd, which owns the Old Maltings, today said work would begin on roof repairs next month with hopes it could be back in use by spring.

He said: “We have now decided to carry out repairs to the roof which has deteriorated in the last few years.

“There was a time when we thought the building was going to come down but we will have tenants in there again.

“The building cannot have planning permission to be used for residential purposes and it cannot be turned into living accommodation.

“Because of its ceiling heights and other issues it cannot be used for offices so it’s only really suitable for specialist retail or restaurants.

“It is likely to be used as one or more restaurants but we don’t know exactly who that will be at the moment.”

Mr Greening said it was possible that a section of the building could be used for additional storage by Shropshire Council for Theatre Severn.

He said the Old Maltings was once due to be sold to the former Shrewsbury and Atcham Borough Council as part of the £28 million theatre development but the authority withdrew its offer.

No-one was available for comment from Shropshire Council today.

Pleas were made in March by former Shrewsbury and Atcham Borough Council manager Geraint Morgan and former Shrewsbury mayor Judith Williams for the new council to serve a CPO on the Old Maltings and The Stew.

By Russell Roberts