Historic Grade II building in Loftus to become public following £150k acquisition

An historic Grade II-listed building in Loftus is to be brought into public ownership.

Last Friday (December 20), Redcar & Cleveland Borough Council exchanged contracts to purchase the former Barclays Bank building, located in Market Place, at a cost of £150k.

The intention is to transform the three-storey building, which has been vacant since 2017, into tourist accommodation and to bring back banking services to the town.

Loftus is close to the Cleveland Way and on a key route from Teesside to Whitby and the North York Moors. With the A174 passing directly through the middle of the town, Loftus could potentially have a bigger visitor economy.

Cllr Mary Lanigan, leader of Redcar & Cleveland Borough Council, said: “Our vision is to transform Loftus into a modern market town, attracting new businesses and retaining existing ones, and to offer new opportunities for local people.

“We want to make sure people come to visit and stay here in Loftus, we want to create jobs for local people and we want our businesses to thrive.

“Plans are still in motion for the building, but it is our intention to bring back a form of banking or post office service, and to provide high-quality accommodation for visitors staying in the town.

“We wanted this news to be announced as a Christmas present to our residents, and more concrete plans will be drawn up in the New Year.”

It was announced by central government in August that Loftus was to receive investment the Future High Streets Fund - a £1bn pot for UK high streets.

Cllr Wayne Davies, cabinet member for economic development at the council, added: “We are so pleased this building will be brought into public ownership. It is a real positive step demonstrating our commitment to Loftus and East Cleveland.

“The substantial number of people traveling through the town could all be potential visitors and customers. It is crucial that the facilities and infrastructure are there for them and our residents.

“Since losing Barclays bank, the businesses in Loftus have struggled with a declining footfall onto the high street, so we are endeavouring to not only bring a banking facility into Loftus, but return home the Saxon Princess exhibition to help reignite the town’s offer to locals and visitors, making it much more sustainable for the future.”

The next steps for the council are immediate maintenance works to make the building safe and to consult local community groups in the New Year as plans develop.

Completion of the sale will take place at the end of January 2020.