Nottingham-based ALB Group purchased the historic four-storey building in Bridge Street in an effort to boost the regeneration of Worksop town centre.
The development will provide much-needed affordable homes for the Nottinghamshire town.
The nine luxury, one and two-bed apartments will soon be released for local residents to rent or purchase once renovation is completed.
Approval of the plans also allows ALB to renovate and subdivide the ground floor commercial unit, which has already been earmarked for an undisclosed blue chip tenant, bringing further vibrancy to the area.
ALB will be spending £800,000 on a complete overhaul of the building, while retaining and repairing its important architectural features.
Ed Hall, development partner of ALB Group, said: “We’re delighted that the council has approved our plans for this landmark building.
“It’s one of Worksop’s most prominent buildings, yet it’s fallen into disrepair over the past eight years due to neglect.
“We look forward to bringing the building back to life and helping to regenerate Worksop town centre.”
ALB has earmarked Worksop as a town close to their Nottinghamshire roots where they will continue to invest and develop.
The company has also purchased Worksop’s former Magistrates Court, in Potter Street, and has submitted plans to convert it to contemporary apartments.
Arran Bailey, managing director of ALB Group, said: “We’re really keeping our fingers crossed for a favourable response from the council’s planning committee.
“Bringing yet another historic building back into use has got to be a positive move for the future of Worksop town centre.
“These developments will provide quality town centre accommodation for local residents keen to benefit from shops, restaurants and other amenities on their doorstep.”
Beverley Alderton-Sambrook, head of Bassetlaw council’s regeneration service, said: “It is envisaged that this building will form a key nodal attraction in its locational visibility, representing a catalyst for further redevelopment opportunities at other properties close by.
“The creation of nine self-contained apartments with good space standards contributes towards the housing requirement needed from the Worksop Central area and makes an effective use of the vacant upper floors into much needed new homes.”