A bank building in Cornmarket could become a boutique hotel and restaurant, according to a traders' leader.

Graham Jones, of ROX: Backing Oxford Business, spoke out after it emerged last week that McDonald's near Carfax is to move to the site of the former Leon restaurant, which has now closed.

The Leon chain sells 'nutritional fast food', has about 70 outlets in the UK, and opened its Cornmarket Street branch in 2016.

READ MORE: McDonald's in Cornmarket is on the move

Contractors working on site confirmed McDonald's has taken over the Leon unit, and a member of staff said work was now taking place to redesign the interior, with the new restaurant expected to open early next year.

The McDonald's move follows HSBC's planning application to move its Carfax branch to the Cheng Yu Tung building owned by Jesus College, which accommodates the Cosy Club, student accommodation and facilities. 

The new HSBC has not yet opened, and its branch at Carfax remains open but Mr Jones said city council leaders needed to 'keep an eye' on the HSBC and McDonald's units once they became empty.

(Image: Andy Ffrench) He added: "Obviously we don't want those large units to be empty for too long, so the council should be encouraging the right kind of companies to come in and occupy them.

"I bank with HSBC and know it occupies quite a large space at Carfax - it could become a boutique hotel with a nice restaurant underneath - that would certainly be my wish.

"When the NatWest branch closed in High Street it was taken on by The Ivy restaurant chain, so there could be a precedent there."

Mr Jones said the most likely option for the McDonald's unit, once it became empty, was for another restaurant chain to take it on because "retail was still struggling".

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He added: "In terms of restaurants in Oxford we have four times more choice than we did 25 years ago, so perhaps we don't need another restaurant but I do think that is the most likely scenario."

The HSBC plan to move to Jesus College's Cheng Yu Tung Building has been approved by the city council but the bank has not yet taken any action yet to switch locations in Cornmarket.

(Image: Andy Ffrench) In October 2022, students started to enjoy using the new £40m college building, which features accommodation, a digital hub, a health centre and retail units.

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The former Northgate House at the junction with Market Street in Oxford was completed after a three-year construction project led by BAM.

The Oxford University students are now living in rooms in the stunning new structure renamed the Cheng Yu Tung Building after its principal sponsor.

Cosy Club restaurant chain occupies the entire first floor after opening in the autumn last year.

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About the author 

Andy is the Trade and Tourism reporter for the Oxford Mail and you can sign up to his newsletters for free here. 

He joined the team more than 20 years ago and he covers community news across Oxfordshire.

His Trade and Tourism newsletter is released every Saturday morning. 

You can also read his weekly Traffic and Transport newsletter.