There has been much speculation of late about the future of the former TAFE building on the corner of Mort and Cook streets.
It has now been put back on the market, to be auctioned on September 12.
A large building in the centre of Lithgow's business district, the property last changed hands in 2014, but has remained empty. It has been the subject to vandalism and break-ins, with graffiti prominent on its outer walls.
LSS Corp has engaged LJ Hooker's Jamie Giokaris and Peter Seeto of International firm Jones Lang LaSalle to sell the property.
Originally built in 1924, the building sits on a 1996 square metre block.
Mr Giokaris said the site had plenty of potential.
"Designed to accommodate students, the building is very well set to be repurposed to a corporate head office, short [or] long term accommodation or centralised creative space," a statement from the sellers said.
"The Local Centre Zoning supports a vast array of opportunities and the building represents a 'blank canvass' with the heritage to be respected and enhanced."
Mr Giokaris and Mr Seeto have worked closely on a number of projects within the Lithgow community, with campaigns such as 102 Main Street, Lithgow Valley Springs, Zig Zag Brewery, and major other development sites.
The auction will be held at Cooley Auction Centre in Sydney.
It is being billed as "an outstanding opportunity to purchase an affordable, significant commercial property in the heart of Lithgow".