The Grade II listed building at 22 Market Place has been surrounded by barriers for over five years, and at one point had debris falling from it.
It is now on the market for £299,950 with the estate agency Fields of Shifnal. Managing director Adam Teecey said he looks forward to a "bright future" for the long-neglected building.
"It would make a fantastic restaurant, I would love to see that," he said. "Shifnal is the entertainment capital of south Shropshire, and a redevelopment of the building would be great for the area. It has become increasingly popular with more and more people visiting.
"The town council is likely to back any proposal that ensures the building's sustainability and security for the future."
In the listing, the estate agent describes "a truly unique and rare opportunity to purchase one of Shifnal's historic and imposing High Street commercial properties," adding that the building is "suitable for retail, office or perhaps for development as a restaurant".
The Shropshire Star reported on the site in 2019 after residents expressed their concerns over the safety of the building. Parents complained to the council of the dangers that it posed to schoolchildren 'exploring the premises'.
However, Mr Teecey said that although it needs a full renovation, the structure of the building was surveyed and said to be 'structurally sound'.
Local business owners shared their ideas on what they would like to see the site become.
Adam Caton, manager of The Kings Yard micropub, said: "I'd like to see it become anything other than what it is now, and something useful for the town. We are in dire need of restaurants in this area. Alternatively, a nice bistro or deli would be good too."
Sandy Ottley recently opened her bridal and floral business, Lavender Blue, next door to the building.
She said: "Everyone knows it, it has looked run-down for as long as I can remember. It definitely needs a renovation, but it will be nice to see something happen to it. An independent restaurant would be great - or a little artisan deli."
To view the listing for the building, visit Rightmove.