Former Newcastle Sports Direct store to become new home for banking giant

Lloyds Bank is to move into the multimillion-pound redevelopment of the former Sports Direct store at Monument Mall, it has been revealed.

Billionaire real estate entrepreneurs Reuben Brothers, part owners of Newcastle United, snapped up Monument Mall in a reported £37m deal four years ago through its investment vehicle, a deal which triggered major investment at the large property which has luxury shops, bars and restaurants.

Former tenant Sports Direct moved out of its Northumberland Street building to set up shop across the street, and hoardings have surrounded the former sports shop for a number of months while a construction team strips back the property – previously home to retailers including Burtons and Woolworths – to create new commercial units for new tenants.

Now it has emerged that Lloyds Banking Group is poised to quit its Grade II star listed base on Grey Street to move its city centre branch into Monument Mall. Work on a fit-out is set to take a number of months, with Lloyds taking over the ground and first floors, but the banking group says its hopes to move into its new city centre base in the second half of this year.

The firm said the new branch will be based within the ground floor of its new office in the Monument Mall building, providing a more modern, accessible space for both our colleagues and customers.

It added: “We will terminate our existing lease once all colleagues have been relocated. There are no role reductions as a result of this announcement.”

Staff at the bank’s Newcastle branch were told of the planned move at the end of last year, through an announcement saying: “We’ve been looking at some of our regional offices to understand how they’re being used and how this aligns to our strategy to create fewer, better equipped offices to suit the future of our business. This is about having the right facilities, technology and environment for our people, designed for inclusivity, accessibility and sustainability. We’re investing in our branches too. While the shape of our branch network is changing in line with customer behaviours, we’ll continue to invest In our branches to ensure great customer and colleague experiences.

“Taking these factors into consideration, we’ve decided to relocate our branch and our regional office from 102 Grey Street to Monument Mall in H2 2025. The new Lloyds branch and office will be a significant upgrade on our current space and will have a whole now look and feel. We’ve secured a prime retail spot in this building which reflects how customers are banking with us now.”

The new branch is set include innovative new features including ‘touch down spaces’, greater technology-led experiences, a new kitchenette and breakout spaces.

Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “We’re thrilled to be moving to Monument Mall in Newcastle. This new location provides our people with modern, state-of-the-art facilities, creating the ideal environment for our colleagues to collaborate and thrive. Newcastle joins our other hubs, including Cardiff, Birmingham, Leeds, London, Belfast, Edinburgh, and Manchester, benefiting from the significant investment we’re making to transform our workplaces for colleagues and to attract the talent of the future.”

Leisure firm Lane 7 last year gained planning permission to create a subterranean gaming hub in the basement of the redeveloped building.