Remainder of defunct building society's flagship Derby branch to be sold off

The remaining part of the former flagship branch of the now defunct Derbyshire Building Society in Derby city centre is set to be sold off after standing empty for five years.

The society’s old East Street offices once stretched across two buildings - and last month one of those buildings was sold by SDL Auctions Graham Penny for £175,000 to an unnamed buyer.

Now, the adjoining building will go under the hammer at a sale to be held at Derby Country’s Pride Park Stadium on July 25.

The East Street branch of The Derbyshire has been vacant ever since the society was fully merged into the Nationwide in 2014.

At one time, the Derbyshire Building Society was the ninth largest in the country. Its flagship Derby branch used to be on the corner of Iron Gate and the Market Place. It then moved to East Street in 2007.

One half of the former branch was sold at auction last month for £175,000 (SDL Auctions)

But the following year it was announced that the society, along with the Cheshire Building Society, had agreed to merge with the Nationwide Building Society.

The merger was borne out of increasing fears about the financial security of both the Derbyshire and the Cheshire societies with the former expected to post half-yearly losses of £17 million and the latter posting losses of £10.5 million.

The neighbouring building which formed part of the branch will go under the hammer next month (SDL Auctions)

Following the deal, the Derbyshire initially operated as a trading division of the Nationwide, until it was fully integrated into its parent in November, 2014. Branches were either re-branded under the Nationwide brand of closed.

In the case of East Street, Nationwide decided not to retain those offices. Instead, it moved into a larger property next door - the former HMV on the corner of East Street and Albion Street.

Nationwide decided not to retain The Derbyshire's East Street buildings following the merger (Derby Telegraph)

According to SDL Auctions Graham Penny, the former society building that will go under the hammer next month has just over 2,300 sq ft of space.

The firm said that the property, which has been given a guide price of £150,000-plus, had been “expensively fitted out with air conditioning, lift, feature staircase and glass offices on the first floor.”

In the particulars, SDL Auctions Graham Penny said: “Backing onto the Intu Derby shopping centre, the premises are located on a prime pedestrianised retail street occupied by a number of blue chip tenants, including Co-op Bank, Lloyds TSB, Costa and Greggs.”