The former pub met the criteria for the scheme as it had been unoccupied for more than 12 months and was suitable for use that would be beneficial to the “local economy, society or environment”.
Once works are complete to bring the building back to a lettable standard, the council will auction the lease rights for up to five years.
Last year, Broxtowe Borough Council revealed it was taking legal action against the building’s owners after the former pub fell into disrepair and was branded an eyesore by residents.
Milan Radulovic, portfolio holder for asset management and development, said: “I’m proud that Broxtowe are leading the way on this initiative, with recognition of the great work we’re doing from the MHCLG, taking a proactive approach in ensuring our high streets and towns are attractive places to live, work, and meet.
“I’m particularly pleased to be taking action to bring the Old Rock back into use, which has been a concern among residents since its closure in 2020.”
The renovations are due to be complete later this year before the auction process begins.