Skip to content

Business & Economy

Newcastle Building Society commits to Hexham branch with 999-year lease

A mutual has cemented its ties to a market town with the signing of a long-term lease.

Newcastle Building Society has agreed terms on a 999-year agreement for its Hexham branch.

The operator moved into the space, opposite Hexham Abbey, in 2019, and has strengthened its links after robust customer demand.

Michael Conville, chief customer officer, said: “We created a modern, new branch in Hexham four years ago – as part of our multi-million-pound network investment programme – and that decision has been more than justified.

“Customers tell us repeatedly how much they value the reassurance and friendly service they receive in a branch, and the cost of living crisis means local communities need local financial services more than ever.

“While other providers are closing branches on our high streets, we’re innovating and investing in our network, with a clear ambition to open more if our local communities tell us they need them.

“We’re delighted to have secured our long-term future in Hexham.”

In addition to its lease deal, freeholder Abbey View (North East) is set to adapt the building’s upper floors into residential space.

Allan Fenwick, director, added: “We’re delighted to collaborate with Newcastle Building Society in their acquisition of the long leasehold.”