Monmouthshire County Council has closed roads outside the former Britannia Inn in Abergavenny following advice from a structural engineer.
Frogmore Street and Baker Street were closed initially while engineers assessed the risk but Frogmore Street has now reopened to traffic.
For the time being Baker Street remains closed to traffic and pedestrians and awaits a further report from the structural engineer.
However officers are optimistic that at least pedestrian access will be returned by tomorrow.
The former pub has been fenced off and signs installed to alert the public.
The property is a grade II listed building within the Abergavenny Conservation Area. Six applications have been considered and approved for the site.
Councillor Bryan Jones, cabinet member with responsibility for county operations said: "We're reacting to concerns that the former Britannia public house is unstable. We're working to ensure public safety by closing Baker Street with a partial closure of Frogmore Street outside the premises. Plans to divert vehicle and pedestrian traffic will be developed once the nature and duration of the risk is established."
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