Cotswold District Council (CDC) is seeking business cash to boost the renovation of one of Cirencester's iconic buildings.

Funding hit the buffers when the New Brewery Arts sidelined a plan to bring forward proposals to renovate and convert both the Old Station building and the Old Memorial Cottages on Sheep Street – sending the council back to the drawing board on how to resurrect one of the town's landmark buildings.

If repaired, CDC wants to use the site for community, cultural and business use.

The Old Station is a grade-II listed former station on the edge of the town centre. Designed by Isambard Kingdom Brunel, the Station opened in 1841 and transferred into the council's ownership in 1968.

Feared in the 1980s to be in danger of demolition to make way for a supermarket, the slowly decaying building has now been disused for a number of years and is, the council said, "in a very significant state of disrepair".

A spokesman told Punchline-Gloucester.com: "The Council invites potential partners with the resources and vision to invest in the renovation of this historic building. We welcome submissions from any businesses or organisations who feel they have funding and innovative business plans that could revitalise this iconic landmark.

The Old Memorial cottages, on the edge of the Sheep Street car park could also be included in any proposals. CDC added: "Priority will be given to community and local business projects which complement the existing offer in the town."

The call for interest will close on Thursday April 25, and interested parties should contact the council by email at assets.enquiries@cotswold.gov.uk.

CDC added: "Interested parties should submit a high-level proposal that sets out their interest, the funding they could secure and initial proposals for the building. Those expressing serious interest in the building will be invited to meet with lead officers to discuss proposals in more detail.

Robert Weaver, CEO of CDC, said: "As custodians of the Cotswold's rich heritage, we would like to see the Old Station restored and brought back into use for the community. That is why the council is inviting potential partners to join us in restoring the historic Old Station building.

"This grade-II listed landmark holds immense potential and we are looking for pragmatic investors and collaborators to help restore and repurpose this significant site. Let's work together to celebrate our past while creating a dynamic future for our community."

CDC recently agreed to invest £158,000 in carrying out urgent structural repairs to rebuild an external wall on the Old Station. This unstable wall is now supported by structural scaffolding and repair works are due to begin in April.

Meanwhile, the Cirencester Community Railway Project continues to campaign for a re-established rail link to Kemble.

In a statement, the group says: "How many University Towns have not got a railway station? Cirencester used to have three stations, but the 'Beeching' cutbacks in the 1960s closed the last one. Now we have to get to Kemble, Swindon or Cheltenham by road.

"We can reduce our carbon footprint, save cost and time, and put Cirencester back on the map by re-opening the old line to the outskirts of the town. The route is only about 7km – less than 5 miles long, and is very level most of the way, so it's a lot easier than many of the routes that are under discussion around the UK."

● Renamed 100 years ago, as 'Cirencester Town', the original station has not been without incident: the first train to arrive from Kemble Junction in 1974 derailed as it pulled in; the original roof had to be removed in 1874; fire broke out on 1948 and the Beeching axe finally fell on operations in 1964 - a 60th anniversary of inactivity being marked this Saturday.