The Attwood Building on the corner of Raglan Street and St Mark's Road in Chapel Ash has been bought by a local firm after being on the market for 12 months.
The site was redeveloped as part of the £60 million deal that saw the Sainsbury's St Mark's store open in July 2013.
The new owners, who wish to remain anonymous, are understood to favour transforming the building into units for retail or leisure. It is said to have been sold for a figure well above its asking price, which requested offers in excess of £500,000.
Commercial property firm Bulleys has put individual units at the two-floor 45,800 sq ft site on the market in blocks of 9,000 sq ft. The entire building is available for rent, with any development subject to planning permission.
Noel Muscutt, partner at Bulleys, said: "The development of the Sainsbury's superstore has triggered a lot of interest in the Chapel Ash area. The Attwood Building is a landmark property steeped in history that provides a rare opportunity for retail or leisure use in an up and coming part of the city.
"The new owners are keen to see the building brought back into use. They are open to discussions for either sections of the building or the entire site."
The Attwood Building was built after the end of the Second World War and from the 1950s was run as a workshop by car dealers Charles Attwood and Son.
The building last operated as a tile and bathroom centre until it shut down in the early 2000s. Other parts of the site were run as a tool centre.
It stands in the shadow of the nearby Grade II listed St Mark's Church building, which is currently on the market for £1.4 million for commercial use.
The Chapel Ash area is in the midst of a major redevelopment, with pub giant Marston's nearing completion of a multi-million pound overhaul of its headquarters in Brewery Road. Wolverhampton council's £174m Westside development is also in the offing.
The authority's regeneration chief Councillor John Reynolds, said: "It is great to see the Attwood building has been restored to its former glory. Chapel Ash very much reflects how well the regeneration of Wolverhampton is progressing."