The property in High Street, Old Portsmouth, is expected to fetch over £1m.
It was once the Monks Bar and Restaurant and it has the potential to return to its ‘former glory’.
The property is one of 121 properties that Clive Emson, property auctioneer, will be putting up for auction in June.
A five-storey building, the upper floors can be used as a residential area and it comes with spectacular views of the historic district of the city.
Rob Marchant, auctioneer, said: ‘We anticipate keen interest, given the location, which includes views of the Cathedral across the road and in sight of the Square Tower and Hotwalls.
‘The upper floors are currently arranged as living accommodation and had previously provided a home for a previous owner and then latterly the pub/restaurant management and a chef.
‘There is the major advantage of rear access to the building with a wrought iron staircase providing independent access to the upper floors, if required.’
Mr Marchant added: ‘For many years the building traded as the landmark Monk’s Bar both in private ownership and then through Gales Brewery.
‘When Gales was acquired by Fullers, which already have other pub and dining interests in the vicinity, the decision was made to close the bar.
‘It is considered that the building could once again be returned to its former use as a splendid bar and restaurant, with a significant level of bar and eating space over the ground and first floors.
‘The building offers huge scope and potential, either with a return to former use or other commercial uses, or perhaps conversion into a significant residential building, subject to planning consents.’
The property has a guide price of between £1 million and £1.1 million.
The bidding on 54 High Street, Old Portsmouth, and the other 121 properties across the south east and south coast will begin on Tuesday, June 14, and the auction will take place online.
It will last until June 16, which is when Clive Emson’s auction timers will come to an end.