The scaffolding is finally going to be removed from Tollgate House after nine years.
The building at the top end of Romford Market has been sold to company, Development Securities.
Leader of the council, Cllr Michael White said: “It has been a blight on our market for several years.
“It will be great to have the building finished. Having the building repaired, finished and looking its best is excellent news for the town.”
The redevelopment of the building, started in 2004 with a new shopping hall, toilet facilities and flats built above the parade of stores in the market.
But nine years later the building remained incomplete after the firm building Tollgate House went into administration.
Market trader, Jenny Robertson, told the Recorder last year that she believed the building had closed off the market.
She said: “It stops people from seeing into the market place and there’s no visible presence whatsoever.
“The building is a complete waste of space and it could be the final nail in the coffin for traders.”
Havering Council erected a 22 metre by 11 metre Union Jack last year to cover the scaffolding on the building.
The custom made Union Jack cost the council around £6,000 for the flag and its installation- money which came from income generated from charges from commercial activities, such as production companies paying to film in the borough.