Rotherham Council agrees to sell former Lloyd’s bank building to allow development of apartments and commercial space

The former Lloyd’s Bank on Corporation Street was purchased by RMBC in 2006 using grant funding, but it has sat empty ever since.

A cabinet report states that there is now an opportunity to develop the site, along with neighbouring vacant properties, into 16 residential properties plus commercial space.

RMBC hopes the scheme will form a gateway to the emerging leisure and cultural quarter on Corporation Street.

The plans are part of a £31.6m Town Deal to regenerate the town centre, Eastwood and Templeborough.

Part of this programme will contribute towards a public/private sector partnership redevelopment of properties at 30-38 Corporation Street.

The property will be disposed of to a private sector individual who owns the neighbouring properties who will lead in the delivery of the development scheme, adds the report.

To facilitate the continued redevelopment of the town centre, it is proposed that the council forgoes a capital receipt, and the property is disposed of at a reduced value.

The report adds that there has been no council expenditure on the property since it was purchased, and there will be no cost to RMBC as the project is being funded through the Towns Deal scheme.

Paul Woodcock, strategic director of regeneration and environment for RMBC, told yesterday’s (December 19) cabinet meeting that if the developer was not able to bring the scheme forward, the building would be brought back into council control.