Former Withington bank building sells for twice the listed guide price
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A former NatWest Bank building in Withington has sold at auction for more than £1m.
The £1,050,000 sale price was realised at last week’s North West Pugh property auction in Manchester, achieving more than twice the listed guide price of £500,000.
The 8,600 sq ft Grade II-listed building on Wilmslow Road was designed in 1890 by Scottish architects Mills and Murgatroyd, who were also responsible for the 1869 redesign of the Royal Exchange building on Market Street.
Paul Thompson, managing director of Pugh auction house which is owned by property consultant Eddisons, said: “The changing face of retail means that more and more high street bank branches are closing and being sold off.
“Bank properties themselves tend to be purpose-built which can sometimes limit redevelopment opportunities, but in the case of the former NatWest in Withington, a well-loved, historic building in a busy and affluent area of South Manchester, there was a huge amount of interest.”
He added: “We are seeing an increasing number of former bank buildings as well as a host of other unconventional properties coming to us for sale by auction.
“It’s a quick and effective route to market for properties that can be otherwise awkward to dispose of, for a good return.”
This month’s Pugh property auctions in Manchester and Leeds generated £8m of sales in total.
Established 26 years ago, Pugh was acquired by property consultant Eddisons in 2016 and now has a team of 36 staff.
The firm’s next property auctions will take place in Manchester on June 7, and in Leeds on June 5.