North Devon investor breathes new life into historic Bideford bank

A North Devon man is set to transform a historic Bideford building into a vibrant community asset. 

Tony Fleming, who was born and raised in Barnstaple, has purchased the Grade II listed Lloyds Bank building for £315,000 with plans to develop apartments on two floors.

In addition, Mr Fleming would like to explore a proposal with local councillors to establish a banking hub on the ground floor, which he envisions as a space where people, particularly the elderly, can access cash and receive face-to-face advice over a cup of tea.

The three-storey building, dating back to the 1880s, features a bank hall, interview room, administration office, and strong room on the ground floor. 

The first floor includes an open-plan office, waiting area, and four interview rooms, while the second floor is equipped with a staff room, kitchen, toilets, storage area, and two filing rooms.

Mr Fleming is optimistic about the investment’s potential. 

He believes he has landed an absolute bargain as the rent he receives alone is worth

£35,000 a year.

He said: “That’s around an eleven per cent yield and when the lease comes to an end, I have two possible choices. Basically, it’s a win-win situation. Firstly, it might be possible to continue the agreement with Lloyds and keep the rent I have renegotiated.

“However, if they decide to leave, as I suspect they will, then I’ll have an empty building in a great central position which I can turn into flats. That is potentially my best option as I could then take the commercial value of the building well above £1m based on the substantial rental income it could generate.”

The developer added: “I just love the architecture and as it’s a grade II listed building it also means I wouldn’t have to pay any business rates while the work is being done.”

At 61, Mr Fleming brings a compelling personal history to his latest venture. 

After his father, Joseph Fleming, was murdered by the IRA in Belfast in 1972, Mr Fleming, just nine years old, and his mother faced significant challenges. 

Following a career in the army and as a firefighter in London, Mr Fleming retired and, with his wife Lana, embarked on an adventurous voyage across South East Asia. 

Their journey, interrupted by the pandemic, ended with a successful sale of their catamaran in the USA.

Reflecting on his property journey, Mr Fleming credits property guru Samuel Leeds for his success. 

He said: “When I was a firefighter, I dabbled in property and did up some places myself, but on a much smaller scale. The problem was I didn’t know half of what I know now, and it was very hard work. It was like having two jobs and I worked on my days off for much more modest returns.”

Mr Leeds praised Mr Fleming’s latest acquisition, stating: “Tony has pulled off a textbook deal here. He’s bought a fabulous three-storey characterful period building for an absolute song. In fact, he’s actually paid less for it than the previous owner did years ago. He was also smart in that he did a deal and managed to exchange contracts just before it was due to go to auction.”

Looking ahead, Mr Fleming is enthusiastic about his community-focused vision. 

He said: “It’s the last bank in Bideford and if it closes I’d love to explore how we could set up a banking hub on the ground floor. It would be a place where people, such as the elderly, could get their cash and receive some good old-fashioned face-to-face advice over a cup of tea.”

He also added: ““I’ve got strong feelings for this area – two of my sisters and my stepfather still live locally –and I would love to see something like that set up. It’s definitely something I’m going to look into.”

With his deep local connections and a clear vision for the building’s future, Mr Fleming is poised to make the most of his latest investment, blending property development with community enhancement in Bideford.