The future of the landmark Penn Road building’s conversion was plunged into doubt last year after work stopped and developers QED went into administration.
But now administrators Quantuma have teamed up with commercial property experts Colliers International and vowed to find a new developer to finish off the work to create 116 apartments at the historic former motorcycle factory.
Leader of Wolverhampton Council Roger Lawrence said it was ‘great news’ for the Sunbeamland building.
He said: “Whatever happens to it, we don’t want it just left, we want to see it finished.”
The 150,000sq ft building had stood derelict for two decades before work started after planning permission was granted in 2013.
But last summer workers abandoned the site as the project hit financial struggles.
Only 35 flats out of 116 were completed, with just 23 of them currently occupied.
A coffee shop was also opened in the building.
The administrators are inviting all enquiries including interest to fund, develop or purchase the property outright.
Nick Hammond, director, advisory and restructuring, Colliers International, said: “Sunbeam’s legacy in Wolverhampton and the West Midlands offers potential buyers an exciting, unique opportunity to acquire a site of real historic significance.”