The building at 22/24 Low Street has suffered years of neglect.
The council has been monitoring the condition of the private building for a number of years, but it has significantly deteriorated recently.
Advice and recommendations have previously been given to the owners of the properties with a view to carrying out remedial works.
But any work which has been carried out has not been sufficient to prevent the building being badly damaged, putting the public at risk.
Following a specialist report on the condition of the property, the road and pavement in front of it were closed to protect passing motorists and pedestrians.
One of the property owners commissioned their own engineer to carry out a survey and while the findings have been forwarded to the council, complete details have yet to be received.
The report recommends remedial works which, if carried out to a satisfactory standard by the owners of the property in question, could remove the present and immediate danger.
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If work can begin, this will have to be carried out to a standard which satisfies inspectors the building has been made safe.
Aberdeenshire Council’s building standards manager, John McIntosh, said: "Our preference has always been to see the owners return this listed building to a safe condition, making a positive contribution to the conservation area.
"Unfortunately that view has not always been held by those who actually own the building, but we are pleased to be making progress on this.
"It will cost a lot of money to bring this building back to a safe condition again, but we will be delighted if the owners are now prepared to commit to this.
"We have given agreement for initial work to be done, but we have made the risk clear to the property owners – if they proceed with remedial work it will have to be to an adequate standard to remove the danger of collapse.”
Aberdeenshire Council wants to reopen the carriageway and pavement outside the property as soon as possible, but this can only happen when it is safe.
Officers will continue to meet with the interested parties and will seek a meeting with the independent engineer to assess his drawings and plans for remedial works.
Director of Planning and Environmental Services, Christine Gore, said: "Public safety is our first priority, public convenience our second, and thirdly we want to retain this listed building.
"We will extend as much practical assistance as possible to help achieve an adequate level of repair, but we will also be looking at what action the council may need to take in the near future should this work not meet the required standard."
The council is conscious of the impact the situation is having on nearby residents and businesses and will try to bring it to a swift resolution.
The council will communicate directly with nearby residents and businesses as efforts are progressed.
(GK)
