A former bank with permission to convert the building into flats is on the market.

The ex Lloyds Bank in St Albans Road in Watford is up for sale for £1.5 million and the building is being marketed by Watford-based commercial real estate agency Perry Holt & Co.

In February 2019, a Government planning inspector overruled Watford Borough Council's decision to refuse a scheme to transform the building into 14 flats and commercial units.

The plans, submitted by Fairfield Estates, retained the bank facade but councillors had concerns about the size of the scheme and voted to turn it down.

But an inspector disagreed and the site currently benefits from planning permission for 14 flats and three commercial units.

Watford Observer: The approved scheme for 14 flats and three commercial units. Credit: Fairfield EstatesThe approved scheme for 14 flats and three commercial units. Credit: Fairfield Estates

The £1.5m opportunity is for the freehold of the building, which is currently empty. It is described as being on a "prominent" corner position and within walking distance of Watford Junction.

Further details on property website Rightmove state: "The building currently comprises a detached former Lloyds Bank over two floors with self-contained parking to the rear, accessed off Langley Road.

"The freehold interest is being sold with vacant possession, with the benefit of the granted planning permission.

"The premises are currently configured as ground floor retail and with ancillary office space on the first floor."

Watford Observer: Former Nascot ward councillor Jane Johnson and serving councillor Mark Hofman pictured previously outside the former bank. They have campaigned against proposalsFormer Nascot ward councillor Jane Johnson and serving councillor Mark Hofman pictured previously outside the former bank. They have campaigned against proposals

A newer proposal by Fairfield Estates in 2020 for 21 flats on this site was refused by the council and unsuccessfully appealed.

This would have involved the demolition of the former bank. The decision was welcomed by Nascot ward councillors and members of the Nascot Residents Association.

Watford Observer: This application was turned down by the council and was unsuccessfully appealedThis application was turned down by the council and was unsuccessfully appealed

Estate agent Fairfield said it withdrew its initial scheme for 14 flats because it was "unviable". However that planning permission secured via the inspector will remain in place until February 2022.