Bank conversion plotted in South Shields
A change of use to residential is sought for 1 King Street, built in the early 1800s and most recently home to Barclays.
The incoming owner of the building will seek to change its use, from commercial to residential, in line with South Tyneside Council’s regeneration masterplan for the area.
Commercial property consultancy, Naylors Gavin Black, brokered a deal for the sale of 1 King Street, on behalf of a private investor, to Regal Bifrons Properties.
The sandstone building would will be converted into 26 one-bedroomed and studio apartments, subject to planning.
In common with many councils, South Tyneside is keen to consolidate the retail offer and bring more residents into repurposed town centre buildings.
The 12,410 sq ft building, which is dual aspect with frontages on King Street and 2 – 4 Fowler Street, is set over six floors including a basement.
Regal Bifrons is part of Hughes Alexander Property Management, which represents investors backing development elsewhere in South Shields, including the former Maisy’s Bar & Nightclub on Ocean Road, 10 Mile End Road and 26-28 Fowler Street, which it is also planning to convert to residential units.
Daniel Goggin, a director at Hughes Alexander Property Management and Regal Bifrons Properties, said: “We were attracted to invest in South Shields because it has huge untapped potential to become a vibrant, modern town centre that will evolve to meet the changing needs of its people.
“South Tyneside Council have a strong vision for the town and we are pleased to be a part of delivering that. Over the course of the next three years we plan to deliver 250 new apartments in South Shields which will attract major retailers to the high street.”
The masterplan vision for South Shields sets out a framework for the future of the town centre over the next 10 years.
Chris Pearson, partner at Naylors Gavin Black, said: “No. 1 King Street is the most stunning and recognisable building in South Shields, after the town hall, and because of that and its role as a key piece in the Council’s regeneration masterplan jigsaw, we had a lot of interest and viewings.
“The purchaser has a strong track record in residential development so I’m sure this historic gem is in safe hands.”
