A consortium of residents is planning to put together a bid to secure the future of Weymouth's landmark Brewers Quay as a community asset for future generations, it has emerged.

Dorset Council confirmed it was also preparing a bid for funding from the Government's Levelling Up scheme to fund a regeneration of the historic former brewery site - but the authority has ruled out buying the site itself under a Compulsory Purchase Order.

Details of discussions surrounding the future of the crumbling site come after it was revealed a legal notice ordering its owners to carry out urgent maintenance works within the next year had been served.

The iconic Victorian brewery site, in Hope Square, is earmarked for transformation into luxury housing.

But its redevelopment has been thrown into doubt after the company behind the scheme - Versant - collapsed on February 22.

Dorset Council said administrators for the company are currently seeking offers from the market for the purchase of the building, which are due to be submitted next week - and have revealed details of talks that have been taking place about how the site could be brought back into use going forward.

A council spokesman said: "These include the registration of the site as an Asset of Community Value, Compulsory Purchase by the Council and a bid for Government grant under the Levelling Up fund.

"Dorset Council have been informed that Weymouth Area Development Trust, a resident led community organisation, is submitting a nomination that Brewers Quay should be registered as an Asset of Community Value. The Community Right to Bid for assets of community value legislation is designed for situations like this. It allows community organisations a six month period to pull together a plan and finance to bring the building into use.

Discussing this bid, Cllr Tony Ferrari, Portfolio Holder for Economic Growth, Assets and Property, with special responsibility for Regeneration and Development in Weymouth, said: “There are a number of processes underway regarding Brewers Quay. The administrators and WADT are pursuing various routes. We would welcome the opportunity to work with any appropriate group to bring the building back into use.”

Dorset Council said it understood some community groups and residents feel the authority should wield its powers to begin a Compulsory Purchase Order process to buy building from the current owner.

But a spokesman added: "Compulsory Purchase is an expensive and prolonged process. It would result in the costs of the building falling on the shoulders of taxpayers. In the light of the other opportunities to bring the building back into use, this is not a route Dorset is pursuing at this time.

"Dorset Council is also preparing a bid to the Levelling Up fund, which will include a proposal to help bring the building into use. This is a Government Scheme which allows councils to bid for finance to carry out regeneration projects. It is a competitive bidding process, so there is no guarantee that an award will be made, but Dorset is eligible to bid and we are planning to submit a proposal for this and other projects by the closing date of June 18.

"This can only be done in collaboration with any new owners so we would welcome the earliest possible discussion with them to see if this fund presents a way forward."

Following the collapse of Versant, two 'Save Brewers Quay' community groups were launched, with the shared objective of raising funds and rallying public support to retain the landmark for the future.

Cllr Tony Ferrari said: “We are as frustrated and disappointed as anyone by the failure of developers to fulfil their commitments to bring Brewers Quay into use. This is a much loved building and should be in active use to re-invigorate this part of town, so we have used our powers as the local Planning authority to get the owners to preserve the fabric of the building.

“We are working hard with local community groups to support their approaches and we are planning to bid for Government financing for Brewers Quay. We are hopeful that one of the routes we are pursuing will allow Weymouth to bring this building back as the vibrant core of the area.”