A NEW lease of life is set for a disused bank in Rugby after funding was secured to help bring it back into use.
Rugby Borough Council has been awarded £221,625 through the High Street Rental Auction (HSRA) Programme to refurbish the former TSB building at 26-27 Sheep Street, which also fronts onto Drury Lane.
The funding, awarded by the Ministry of Housing, Communities and Local Government, will cover refurbishment works to bring the building – which has stood empty for eight years – up to a lettable standard ahead of a future auction.
While a business has not yet committed to move in, the terms of the lease prevent it from being occupied by a gambling shop, a takeaway, a charity shop, a tobacco or vape shop, a mini mart, or a hairdresser or barber.
During the refurbishment, the property will be marketed through an HSRA process to attract a new occupier and help return it to productive use, while improving the appearance of a key part of the town centre.
The grant for 26-27 Sheep Street forms part of Rugby Borough Council’s wider efforts to improve the appearance and vitality of Rugby town centre while encouraging investment and new business activity.
Coun Louise Robinson, Leader of Rugby Borough Council, said: “This funding gives us an opportunity to breathe new life into a building that has stood vacant for far too long.
“Bringing it back into use will improve the look and feel of this part of Sheep Street and Drury Lane, while helping attract a new business to the building.
“We are taking proactive steps to support the future of Rugby town centre, and securing this government funding is another example of us working creatively to make positive changes happen.”
Coun Jerry Roodhouse, Deputy Leader of Rugby Borough Council, added: “Empty buildings can have a real impact on how people feel about a town centre, so it is fantastic this property will gain a new lease of life.
“Residents want to see action being taken to improve Rugby, and this demonstrates that. It shows that we can help long-vacant buildings be used once again.
“I am delighted that external funding has been secured to help make this happen and look forward to seeing the building occupied again.”
