John Murphy sold the 1885 building last week and said the new owners want to convert the second and third floor, which had previously been office space, into a hotel, and this would be a major attraction for the city.

“It’s one of the most significant buildings in Maitland and, architecture-wise, it is one of the most significant in NSW,” he said.

“People have been connected to it through family members working in the building at some stage and wherever I go people always come up and tell me the story of how their relative worked there.”

The plans will fit in with Maitland City Council’s plan to refurbish High Street to make central Maitland the heart of the city.

The building was the home of the Commercial Bank of Sydney until 1949 and the manager used to live upstairs.

But when a manager’s house was bought in Lorn, the top two floors were converted into office space and a variety of businesses used them.

“A tailor was there for a while and a building company, the Central Hunter Catchment Management Authority operated out of there and a radio station started up there,” he said.

“When we bought it we put a function centre in there and, now we have sold it, we will be looking for a change in lifestyle.”

Mr Murphy said a building was pulled down to build Mansfield, which took two years to finish.

“It’s good people have been able to use it because it has continued the life of the building,” he said.

The building is known for its elegance. It has six master bedrooms upstairs, marble fireplaces and bathrooms and a drawing room.