Fenland Council banks government cash and buys town’s former Barclays

A former bank, which has been a town centre eyesore since it closed, has been bought by Fenland District Council.

News the district council has splashed the cash to buy the former Barclays Bank in Broad Street, March, was announced by current town and district councillor Steve Count in a social media post.

Coun Count explained the money to buy the 2,790sq ft building has largely come from the government through the Future High Streets funding being used to redevelop Broad Street, the Market Place and the riverside area.

It was on the market with Birmingham-based chartered surveyors Johnson Fellows with a £700,000 price tag.

The former bank, which closed its doors in summer 2021, stands in a prominent location overlooking what is set to be a riverside terrace area – once work to revamp Broad Street gets fully under-way.

Coun Count believes the building’s groundfloor would make an ideal restaurant/cafe overlooking the soon-to-be opened up river, with flats in the accommodation above.

He explained the money to buy the bank has come from the £1.7m allocated as part of a £8million Future High Streets funding from the government which was to have been spent on improving the Acre Road area of the town centre. However, that scheme is no longer being carried out.

He said Fenland council officers had carried out due diligence and put together a report that persuaded the government to allow part of the Acre Road cash to be spent elsewhere in improving the town centre. It may well have been lost otherwise after the Acre Road scheme was dropped.

Coun Count also explained that whilst it might have been nice to have been able to spend the money on other projects it was not possible as it has been allocated by the government specifically for the improvement to the town centre.

His view that bank purchase was good news for the town was not greeted with enthusiasm by all, however, his appeal for ideas on how the building could best be used prompted a number of suggestions including a cinema similar to the Luxe in Wisbech, housing for veterans and a clothing store. Ironically one of the more common suggestions for it to be re-opened as a bank – especially as the Nat West has announced it is closing its nearby branch shortly.

Coun Count said it is now hoped the remainder of the Acre Road £1.7m can be used on similar sites elsewhere in the town centre that are also in prominent positions and could be described as eyesores.

Fenland District Council was asked to comment on the news but refused because of the upcoming election.