Second Natwest Oxford bank could become top restaurant

The premises on the corner of George Street and Cornmarket Street became vacant last year when the bank decided to relocate the branch to a new location in the middle of Cornmarket.

Now property consultants VSL are marketing the premises and say it would be suitable for a top restaurant chain as it is so close to the New Theatre, Odeon Cinema and other restaurants in George Street.

With a rateable value of £267,500 the chain would have to be able to afford the annual rent of about £200,000.

VSL’s director Richard Venables said: “Banks are changing and want more open plan customer focused facilities so the old-style banking halls are changing.

“We are speaking to a number of restaurant operators about the building because it’s in such a prime position close to the theatre and the cinema.

“It’s ideally situated for a restaurant but it would have to be a well-known operator as the level of rent will be in excess of £200,000 - it has to be a big player.”

Mr Venables said other options for the premises at 32 Cornmarket would also be considered but a restaurant business was most likely.

He added that work would need to be carried out on the 3,949 sq ft building - which includes a 2,639 sq ft ground floor - so that a kitchen could be installed for a ‘medium-sized restaurant’.

Mr Venables added: “The opportunity is there now and it would be lovely to get someone in before the summer.”

The building is owned by the city council and leased to an Oxford college.

News that the former NatWest in Cornmarket could become a top restaurant follows work starting on the former NatWest building in High Street, so that it can be converted onto a branch of celebrity favourite The Ivy.

FULL STORY - Work starts on former bank to bring The Ivy to Oxford

Building work has started, led by construction firm Beard, and the project is due for completion in November.

In December it emerged that details of a £9.75m project that would see city council-owned buildings in George Street knocked down and a new development built in its place were being looked at again.

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The council said in September 2017 that it wanted to knock down 1-5 George Street and then build a new complex to increase rent returns and floorspace.

Any new development would contain new offices and restaurants if it is given the go-ahead in the future.

More work is now being done by planners to ensure the design fits in with the rest of the street.