Sheffield Town Hall is set to be considered for a costly regeneration project, 128 years since it was opened by Queen Victoria in 1897.

On Tuesday, Sheffield City Council announced that the Strategy and Resources Policy Committee will decide whether the regeneration of Sheffield Town Hall will continue into its next phase at its next meeting on 10 December.

If it is to ensure the long-term future of the building, early budget reports indicate that the project could cost between £340 million and £450 million, with this set to be updated after concept designs are produced in the next phase.

Reactive measures to repair the Town Hall currently cost the council approximately £700,000 a year.

Councillor Janet Ridler, the council’s Heritage Champion, said: “Sheffield Town Hall is of unique importance to the city and its residents.

“It’s a building that has welcomed royalty and heads of state, survived two world wars, and which symbolises Sheffield’s rich history, whilst serving as the democratic centre of the city.”

Councillor Tom Hunt, leader of Sheffield City Council and chair of the Strategy and Resources Committee, added: “The restoration of the Town Hall will be an investment for the future of the building but also of the city centre, continuing the fantastic regeneration we have already seen taking shape.”

When asked by the Sheffield Wire, some Sheffield residents expressed concern at the price tag, while another, Michael Vickers, 79, noted that “Sheffielders love to grumble”.

Mr Vickers went on to say “I have sort of fond memories of that place,” as he collected his marriage certificate from the building after getting married in the old Registry Office, the ‘Wedding Cake,’ which has since been moved to the Town Hall.

Now, part of the plan to raise funds for the project is to further reduce the number of buildings in the council estate.

When asked for comment about this, Sheffield City Council said: “The Town Hall refurbishment is under the umbrella of a wider asset strategy and accommodation review, which is tasked with developing a funding approach that allows the council to have a well maintained, fit for purpose, and financially sustainable building estate.

“The review is looking at consolidation of the estate into a smaller number of buildings, which includes office buildings.”

Other sources of funding involve borrowing, in line with the council’s long term plans, as well as fundraising through events and heritage grants.

The council is also engaged in an “on-going dialogue with the National Lottery Heritage Fund.”

The Town Hall is one of just two Grade I listed buildings in Sheffield, with the other being Sheffield Cathedral.

In May, the first step of the plan took place as architects, FCBStudios, were appointed to conduct an initial investigation of the building, the findings of which are being considered by the Committee.

Sheffield Wire contacted FCBStudios, but they declined to comment.