Former town centre bank sold for £1

The nominal fee will lead to the building — bought by RMBC in 2006 but vacant ever since — being demolished as part of a wider development.

This will see the private sector partner refurbish the larger, former NatWest branch next door (above, right), on the corner of Market Street.

The project will create 14 apartments and commercial space across both sites, using private investment and some cash from the £31.6 million Town Deal grant secured by the council in 2021.

And if the project does not come to fruition, the contract includes a clause for the Lloyds site to revert back to council ownership.

Paul Woodcock, RMBC’s regeneration director, told cabinet members on Monday: “This is a former bank on Corporation Street.

“It’s next to another former bank, which is probably more prominent and is owned by the private sector.

“The council owns the smaller bank.

“In essence, the recommendation is to transfer that asset to the private owner for a larger development to take place.

“With the site overlooking Forge Island, and the plans for the car park below, this is a key part of those redevelopment plans.”