A marble and bronze statue of Edward VII, described as being in a piteous state after suffering years of vandalism in a Birmingham park, is to be restored to its original glory and moved to a new site in the city centre.

The city council decision was hailed as a major step forward by the Birmingham Victorian Society, which has been campaigning since 2002 for the 94-year-old sculpture to be cleaned and moved from Highgate Park.

The cost of the project, estimated at up to #50,000, will be shared by the society and the council. Unveiled in 1913, three years after the king's death, the statue originally took pride of place in Victoria Square, next to the Council House. It was moved in 1951, following highway alterations in the city centre.

Birmingham Victorian Society spokesman Stephen Hartland said: "For some wholly inappropriate and inexplicable reason, it was placed in the wilderness that we now know as Highgate Park."

By 1986, three cast bronzes on the stone pedestal representing peace, education and progress, had been stolen and have never been recovered. Mr Hartland added: "Neglect, combined with the British weather and vandalism, have all conspired to reduce this grand memorial to a beloved monarch to a piteous shadow. Today the statue stands with a cross-less orb and a shattered sceptre.

"The Victorian Society maintains that the situation for this statue is wholly inappropriate for the memorial to a former sovereign and fine piece of Edwardian sculpture and supports the city council's moves to relocate the statue in the city centre." Mr Hartland said several sites were under consideration, but a decision on the new location was yet to be made.

"This is an important part of Birmingham's civic history and must be displayed to good effect and maintained in an appropriate manner," Mr Hartland added.

The statue, the work of Birmingham sculptor Albert Toft, cost #2,700 in 1913 and was paid for by public subscription to an Edward VII memorial fund set up by The Birmingham Post and Mail company. The king visited Birmingham on several occasions, most notably to open the Art Gallery and Museum, the Victoria Law Courts and Birmingham University.

Toft encountered problems in finding a piece of marble large enough to sculpt the statue, but difficulties were eventually resolved and the finished work was unveiled by Edward VII's sister, Princess Louise, Duchess of Argyll, on St George's Day 1913.

* To make a donation toward the cost of restoring the statue, send a cheque, payable to The Victorian Society, to: Stephen Hartland, 36 Clarendon Road, Edgbaston, Birmingham, B16 9SE.