Former bank still vacant 16 months after closing in Greenwich
A former Nat West bank branch in Greenwich town centre is still vacant 16 months after closing.
Given the building is located in a prime spot within a world heritage zone visited by millions of tourists each year, what does this say about the state of hospitality in London?
It’s currently being advertised with a rent of £120,000 a year. Photos of the interior are also on show.
As of now there’s no takers.
Bank closures
Many banks have withdrawn from various town centres in recent years with varying degrees of success finding replacement occupants.
In many cases it’s likely less to do with people or companies willing to take them on but the exorbitant costs to do so – and therefore town centres decline and even prime spots like Greenwich are pockmarked with long-vacant buildings.
Even if someone does have a punt at those levels of rent – and let alone high business rates and high energy costs which are the highest in Europe if not the world – the costs they’d need to charge would probably put them out of business before long.
This is a common problem in the area, and it’s not too long since a independent business was forced out nearby in Greenwich with a petition launched against high rents.
The town centre should easily be able to sustain good businesses – if costs weren’t ridiculous.
Yet costs are simply too high, which ensures buildings are empty for substantial period depriving people of jobs and a place to enjoy.
However in a country where certain interests dominate (rentiers and privatised utilities to name but two are favoured groups amount many MPs) and with those interests aligned with the big political parties, then this is what we have.
If a building in Greenwich town centre can’t find an occupant, something is very wrong.
I walk past this building each week and one of the problems is only a select few businesses can likely afford the costs to fit out the insides. I remember reading there is a vault in the basement. 😀 Greenwich already has most of these chains or nearby O2/Canary Wharf. But considering the footfall in and around this area it’s surprising we haven’t seen one of them take it on. Only a matter of time before we see someone like Tiger in there.
Don’t you mean Nandos?! They took over the site vacated by NatWest in Paddington.
There’s already a Nando’s by the river.
Nationalise the lot & charge fairer rents to address the problem.
So much that was quirky and interesting about Greenwich has disappeared. The rents charged by the naval Greenwich hospital charity are continuing to rise and the loss of variety brought by independent shops is a real loss.
The market space next to Greenwich cinema has not been used since the Covid lockdowns and when a guy tried to sell plants in the space he was shutdown due to lack of management.
I really don’t know what would work in the old NatWest building there are so many food outlets already and pubs too.