In 1720s, the Company decided that rather than improve its present Hall, it would look for a better piece of land on which to build a new Cutlers' Hall.
Negotiations were undertaken with the Duke of Norfolk's agent, Mr. Henry Howard, who offered the Company a large parcel of land close to where the present Town Hall stands. However the ground rent for this land was set at £22, but the Company would only agree to £21.13s 3d. Therefore, for the sake of 6s 9d, the scheme foundered and the Cutlers' Hall remained on its present site.
By 1827, the state of this second Hall was causing a great deal of public concern. A letter appeared in the Sheffield Independent saying: "Its (the Cutlers' Hall) exterior appearance is unworthy of the Company to whom it belongs, and its interior accommodation are not only bad, but disgraceful to a body of so much importance."