A landmark former post office and pub in West Bromwich has plummeted in value by almost half a million pounds after being put up for sale a second time in 14 months.

The building in the town’s High Street failed to sell at auction with a minimum price of £800,000.

In February last year auctioneers were asking for bids in the region of £1.2 million for it, but it never sold.

It closed as a post office in 1994 before being re-opened as a £1 million fun pub.

The building, owned by auctioneers Bond Wolfe, was later leased to West Bromwich Job Change, who are the current tenants until the end of this year.

Managing partner James Mattin said: “It went into auction last week but did not meet the £800,000 reserve price. We have since been talking to a number of potential buyers.

“As a former bar and now office block it could be made to suit either need.”

Leader of Sandwell’s Conservatives Councillor Tony Ward said: “I am very surprised to learn it was up for auction at only £800,000 and that no-one wanted it at that price. 

“There is a credit crunch but property prices have hardly fallen that much. With all the regeneration that has gone on and is planned for that area the building should be snapped up.” Councillor Ward, who represents Charlemont with Grove Vale, said he would make inquiries as to why the price had dropped.

Councillor Mohinder Singh Tagger, who represents West Bromwich Central for Labour, said: “The building is still in use but it would be nice to see it sold to someone who would do something appropriate with it.”

When the Old Post Office closed as a pub in 2006 Bond Wolfe leased the building to Job Change on a £93,000-a-year deal.

As a pub in 2004 it became the first in the borough to be slapped with an enforced 24-hour closure by police after an officer was injured in a brawl by drunks.