A judge ruled that the Scottish Mutual Building can now be sold.
Speaking about the decision, local SDLP Councillor Gary McKeown said: "My heart goes out to small investors who put money into this project in good faith – in some cases lifetime savings – only for it now to be lost. I'm sure it will be devastating for them."
Councillor McKeown emphasised the decision must serve as a catalyst to get the building regenerated and brought back into use.
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He continued: "As more and more visitors return to Belfast and spend time around Donegall Square, it's frankly an embarrassment for the city that this building is boarded up and serving no purpose. Its location is so central, just across from Belfast City Hall and adjacent to where tourists arrive on coaches, that we really don't want this to be their first image of Belfast.
"I also have concern about its long-term welfare, as a historical listed building of this type needs care and attention. Clearly this well-known building, which couldn't be closer to the city centre, is a prime location for a hotel, restaurant or a number of local small businesses. If this doesn't happen, then we should be looking at how it can be put into public use for community benefit.
"The bottom line is that this building needs regenerated and given a new lease of life as a landmark piece of our built heritage that still has so much to offer."
