A buyer has been selected to restore a 16th-century building in Plymouth, the city council has confirmed.

Plymouth City Council said four offers were received for the Grade II*-listed Merchant’s House on Palace Street, which closed as a museum about 10 years ago.

Councillor Chris Penberthy, cabinet member for the city’s assets, said the preferred purchaser plans to restore the “precious historic property” to its 16th-century appearance.

Once restored, the building will open to the public twice a year, the council said.

The council said prospective buyers were asked to demonstrate they had the means and experience to give the property a new purpose and safeguard its future.

Mr Penberthy said: “Merchant’s House is a precious historic property that has been lying empty for a long time now and it really needs to be restored and put to good use.

“We are delighted to find a preferred purchaser who plans to restore the house. We look forward to completing the disposal and seeing their plans coming to fruition.”