Sleaford’s former Natwest Bank to go under the hammer at auction

The former Natwest Bank branch in Sleaford - up for auction. EMN-180928-151307001
The former Natwest Bank branch in Sleaford - up for auction. EMN-180928-151307001

The former NatWest Bank building in Sleaford is to go under the hammer at auction next month with a guide price of £167,500.

The 2,723 sq ft building, which closed in September 2017, will feature in the next Pugh property auction in Leeds on October 16, along with several other former retail bank properties as branches continue to close down on high streets across the country.

RBS Group, who run NatWest, said that the increased take up of digital banking services had been a factor in the decision to close its Sleaford branch.

A spokesman at the time said the branch had seen local customer transactions drop by one third as the company announced closures of 158 branches nationwide with the loss of 470 jobs.

The spokesperson from RBS had said: “The way people choose to bank with us has changed radically over the last few years. Between 2010 and 2015, mobile and online transactions have increased by over 400 per cent and mobile transactions alone have increased by 1,350 per cent.”

He said: “Since 2011 we have seen the number of transactions in the Sleaford branch decline by 33 per cent. These customers are actively choosing to bank in different ways, with 64.0 per cent of customers choosing to use our digital banking options and 22.3 per cent already using our telephony services.”

Paul Thompson, managing director of Pugh auction house, which is owned by property consultant Eddisons, said: “Former bank properties are becoming a regular fixture in both our North West and Yorkshire auctions as the culling of high street branches continues.

“Bank properties themselves tend to be purpose built which can sometimes limit redevelopment opportunities and auction is a quick and effective route to a sale for buildings that can be otherwise awkward to dispose of, and for a good return.”

The three-storey property has been up for sale since the closure.

In total the three floors and basement add up to approximately 253 sq m (2,723 sq ft).

The Horncastle branch, which, along with the Bourne branch, also closed in the county around the same time, was sold by auction in June for £104,000.

Natwest created a new role - Community Banker - to serve the local area and provide customers with personal assistance and support accessing the right banking options for their needs.