Luton Lloyds Bank building sells for £1.075m at auction

The freehold property at 60 George Street and 6 Bute Street was sold by commercial property firm Acuitus at its recent auction.

It had been offered with a guide price of between £850,000 and £900,000, meaning it sold for £175,000 above the top of the guide range, following competitive bidding.

John Mehtab, of Acuitus, said: “Combining secure income from a nationally recognised tenant with active management potential and a strong town centre location, this is an attractive investment opportunity in the heart of Luton that we expect to attract considerable investor attention.”

The 10,128 sq ft property is let to Lloyds Bank PLC and generates annual rental income of £115,000.

The building includes the bank on the ground floor, with additional space in the basement and on the first and second floors.

Acuitus had previously described the property as having potential for the upper floors to be converted to student accommodation, residential flats or a house in multiple occupation.

Lloyds Bank was contacted about the sale of the property but said it was unable to comment.