Newcastle Building Society has cemented its future in a North East market town after acquiring the leasehold for its Hexham branch.
The society opened in the market town four years ago, taking over the former Dickinsons site opposite Hexham Abbey as part of its multimillion-pound branch network investment programme. It has now acquired a 999-year lease for the branch, with freeholder Abbey View (North East) Ltd also set to invest in adapting the building’s upper floors into residential accommodation. The society’s previous branch next door is also set to be occupied soon by a new tenant, having been empty for the past few years.
The society’s commitment to Hexham is the latest phase of its branch investment programme which includes the launch of a UK-first pilot to install multi-bank technology in two of its branches. Customers of any bank are able to use the OneBanx kiosks located in the Society’s Knaresborough and Gosforth branches to withdraw and deposit cash and coins from their accounts securely by use of a mobile app. Both Knaresborough and Gosforth have seen several bank branches close over recent years.
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Michael Conville, chief customer officer at Newcastle Building Society, said: “While other providers are closing branches on our high streets, we’re innovating and investing in our branch network, with a clear ambition to open more if our local communities tell us they need them. Our commitment to Hexham is a part of that investment and we’re delighted to have secured our long-term future in the town.”
Allan Fenwick, director of Abbey View (North East), said: “We’re delighted to collaborate with Newcastle Building Society in their acquisition of the long leasehold; construction work repurposing the previously defunct commercial upper floor space into residential accommodation will start soon.”
Advice was provided to Newcastle Building Society by law firm Sintons and commercial property consultants Reid Birkett.
