Very prime location for lots of different types of re-development. It must be the difficulty obtaining finance, and the fact it's located in a less affluent part of the borough, that limits its potential. If you were romantic and paid to see the old fabric of the building made good, or even knocked it down and built a new Egremont Ferry bar & restaurant, you might be waiting a very long time for a return on your investment. If you replaced it with posh apartments with river views, the market for buyers would be limited to people who'd risk buying a luxury flat on what is currently the wrong side of the tracks, so to speak. Maybe a mixed development would be the way forward? What ever way you approach it, it'll take somebody with courage of conviction, far reaching vision and deep pockets to make a good thing happen there soon.
My money's on it spontaneously combusting, then the waste ground sitting empty for a few years whilst locals complain about it, before somebody can secure the finance to build any type of flats on it.