The former Natwest building in Ryde has gone on the market for £375,000 +VAT. Commercial property consultants Green & Partners have listed the bank on the open market as a ‘prominent freehold’ in a ‘charming town’. The building is located in the heart of Ryde Town at St Thomas’ Square, where Lind Street meets the High Street. Historically, the site was a grand theatre until it was destroyed by a raging fire. For decades Natwest has been a seemingly permanent fixture to the street scene, but it was in March this year that it was announced the Ryde branch was to close for good. Declining footfall and a rise in mobile banking were given as reasons why. The doors were slammed shut for the last time in August. The closure leaves Island customers with just 1 remaining Natwest branch in Newport following previous closures of branches in Sandown and Ventnor in 2011, Cowes and Freshwater in 2015 and Shanklin in 2017. The building’s owners, the Royal Bank of Scotland, moved swiftly to remove all banking fixtures from the building, including a night safe and atm. It’s presumed that the bank’s safe remained in situ. Those interested in acquiring a High Street property will consider this a good opportunity with 2,096sq ft of space on the ground floor and a further 841sq ft on the 1st floor. What’s more, the basement offers a further 1,135 sq. ft of space – which is thought to include the vault. The total space available is just over 4,000sq ft, or 378sq m. 4 car parking spaces are also included in the price. Ryde is now left with just 1 bank branch – Lloyd’s – as well as Yorkshire Building Society and Nationwide Building Society, the latter of which is only open 3 days a week.
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Very undervalued….
There is no decline in footfall, just go to the Nationwide Building Society and
Lloyd’s Bank, both are always busy.
It is just the N.W.O plan to close Banks.
This is but the latest in the inevitable demise of mainstream financial institutions having a visible presence on the high street.
I predict by the end of the decade we will have only one branch of the main banks centrally located in Newport (if that)!
It is an interesting challenge to deliver a commercially viable business out of premises that were specifically designed as a bank. The conventional business model of conversion into a restaurant is surely dead and buried in these chasten times.
Let’s hope that there suitable investors up for such a herculean challenge!
Would be a great opportunity to demolish and develop a community space, it would go some way to bringing back some open space to Ryde especially in lite of of the eyesore just created before you go up the Pier.
Are you suggesting that the council wastes our money on buying this only to knock it down and build an open space? That is not a good use of public money. If you are feeling flushed, go ahead and do it but don’t waste any more of our council tax.
Yes, part of a councils remit is to support local people by providing amenities, I at least have a vision of a town were people would like to spend time spend money in the local shops meet up with friends. Image Ryde theatre back from the dead with space for events to take place around it. I want to live in a vibrant community not some depressing town straight from 1984.
It is not the council’s responsibility to provide the amenities you mention. They squander enough already and charge the earth. The council should focus on providing basic services well. Wasting public money on running an unwanted and empty theatre is not a good use of public funds.
Charming town? They have got to be kidding
Architecturally speaking, it has to be the ugliest building in Ryde. A real eyesore. I’d fully support demolition.
At what point will we see the planning application submitted for the demolition and subsequent construction of circa 15/20 purpose built apartments.
Probably the best outcome we can hope for!