The former Lloyds Bank branch in Shanklin has been purchased by the Purpose Property Group. The transaction was completed on the 14th December.
The company director, Peter Mill, said that this project will allow them to work with local tradespeople to regenerate the well known building in Regent Street.
Renovating apartments too
Peter also said that the project will give them the opportunity to renovate the apartments above the banking hall, one of which was unused for over three years. The bank branch itself will be converted into a retail unit in a prime location in Shanklin.
The branch has been empty for over a year after Lloyds bank closed as part of its move towards online banking.
Scotcher: An excellent example of the regeneration
Tony Scotcher from Scotcher and Co, the specialist commercial estate agent based in Carisbrooke Road, Newport said that the proposed work by Purpose Property Group is an excellent example of the regeneration of a much loved building in the heart of Shanklin.
Tony also said that they do not yet have a retail tenant for the unit, but expect to give the premises excellent exposure to the market and are looking forward to a great deal of interest from local businesses and applicants. They fully expect to have the unit rented out by March/April next year.
Ensuring renovation in keeping with the surrounding buildings
Monika Litkowska, architect from ML Designs, will be working with the Purpose Property Group team to ensure that the renovation work keeps to schedule and is sympathetically completed and in keeping with the surrounding buildings.
Monika mentioned that they plan to change the official address of the property to Lloyds House, 3 Regent Street, Shanklin as a reminder of the building’s history.
Purpose Property Group is based in Southampton and has close ties to the island, having completed several property purchases and renovations in Freshwater, Newport and East Cowes.
Image: From left to right Monika Litkowska, architect, Richard Sokolowski, building contractor, Tony Scotcher commercial estate agent and Peter Mill, director of Purpose Property Group.
