Bank on landmark being sold

A slice of Wolverhampton's history is going up for grabs - with a £4.25million price tag.

The landmark Victorian building housed by Lloyds TSB in the city's Queen Square is going under the hammer this week.

Investors from all across the country are expected to flock to get their hands on the historic four-storey building in the heart of the city.

The bank has a lease running on the imposing 20,372 sq ft building until 2026.

But auctioneers Allsop's said anyone who snapped up the site would receive around £245,000 per year in rent.George Walker, auctioneer and partner at Allsop's, said: "It is quite a big lot and we are expecting there to be a lot of interest from around the country. The bank itself will not be affected by who owns the building.

"People buy houses to let out to tenants and this is the same thing only on a bigger scale."

Mr Walker said investors shelled out £75million on commercial properties at the last auction held by Allsop's in October.

The Lloyds TSB building is one of three imposing landmarks housed by banks in Queen Square.

Historians from Wolverhampton have described it as "more architecturally correct" than the others. The 19th century building has an Italiante facade with three detailed carved panels showing different scenes.

One shows a coalmine, complete with cage, winding gear and coal truck. Another panel shows an agricultural scene with heavy cart and there is one portraying heavy industry with drop forgers at work and a rolling mill in operation in the background. The original bank building has been extended on to the site previously occupied by the Queen's ballroom. The ballroom opened in 1914, and was demolished in 1980.

The auction will be held at the Barclay Hotel, in Hyde Park Corner, London, on Thursday.