A DESERTED town centre building previously occupied by a banking branch has fetched more than half a million pounds after going under the hammer.

Lloyds Bank vacated its Frinton property in 2018, a year after the town’s NatWest bank shut down and ahead of this year’s closure of Barclays.

The Connaught Avenue building has now been purchased for a staggering £650,000 after being auctioned off at an event at the Cheffins salerooms.

The three-storey multi-use structure, which incorporates a prime retail shop with a total frontage of 11.8-metres, was expected to sell for about £500,000.

Its appeal and price tag was also boosted by the site’s pair of substantially-sized duplex apartments and its location in the heart of the busy seaside town.


Planning permission was also granted in July 2018 by Tendring Council for the conversion of the two large flats to be transformed into four one-bedroom flats.

Ian Kitson, director of Cheffins, said: “This was one of our busiest property auctions to date.

“With over one hundred bidders registered on the day, the sale saw over 750 legal packs downloaded and record levels of interest per lot offered.

“The results of the sale go to show how the lack of stock on the residential market has pushed more private buyers to turn to the auction room.

“Amenity land values have also rocketed for the same reasons, as private buyers now compete with developers or investment-driven buyers taking a long-term view

“This sale was no different, with the amenity section seeing private buyers, investors and those looking to secure parcels for amenity purposes.”