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Banking on investment in old building

Posted onPosted on 18th Nov
Banking on investment in old building

A Mansfield property developer is hoping to breathe new life into an historic town centre building.

Richard Burns, whose business ARBA Developments is based in The Broadway, bought the former Lloyds Bank at 2 to 8 Stockwell Gate.

The property, which dates from around 1830, has been empty since Lloyds closed the branch several years ago.

After refurbishing the interior, Mr Burns is hoping to turn the ground floor into shops, with the remaining floors turned into office space with a separate entrance.

“I’ve walked past this empty building numerous times and have often thought that we could breathe new life into it by attracting a regional or national retailer into the ground floor space,” he said.

“We bought the property from Lloyds Bank and we also successfully applied for change of use from banking to retail. We are working closely with Mansfield District Council on how best to do this, particularly as the property is in a conservation area.”

Denis Hill, a local heritage expert who is currently working on a Mansfield Business Improvement District-led project, focusing on shop fronts in the town centre, believes the building is unique.

He said: “It’s in a good location and there are a number of old photographs showing it in use. It’s quite exciting to see someone wanting to do something with it.”

Mr Burns says while the property looks satisfactory on the outside, the interior is in a poor condition.

It is believed the building was constructed around the same time as the Market Inn, and may have been designed by the same architect.