A former Isle of Wight town centre bank could become a "community hub" and new home for a town council.

Ryde Town Council (RTC) said a deal has been agreed, 'in principle', to purchase the old NatWest building, in St Thomas' Square, for £426,000.

If all goes to plan, it said it hopes to relocate from its current home on Lind Street.

Mayor, Richard May, told the County Press: “The NatWest building offers an opportunity to put the community right at the heart of Ryde.

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"By purchasing the building, RTC will be able to provide the type of community hub that residents deserve - something that the current rented offices in Lind Street do not allow."

Clerk Lisa Dyer said the majority, if not all of the purchase, would be funded through the government's £20 million Town Board Funding.

In October 2023, Ryde was one of 55 towns across the country announced to be receiving the endowment-style funds.

Initially, the purchase would be funded through the Public Works Loan Board, RTC said.

Here's how to have your say on plans to Ryde Town Council to buy the former NatWest building

To have your say on Ryde Town Council's plans, click HERE.

A hard copy of the form can be found at Ryde Library.

The consultation will continue until Saturday, February 10 2024.

The former NatWest bank closed its doors in August. At the time, a significant decrease in footfall and a rise in mobile banking users was blamed.

In November, it went on the market for £375,000.

RTC said it was 'prudent' for it to own its office space, rather than rent, citing the example of Newport & Carisbrooke Community Council which now resides in Newport High Street.

Designs for RTC's proposed new building are yet to be finalised.

As well as office space, it is hoped it will include fully functional toilets with accessible options; meeting rooms; rentable interview rooms; a hub and display space for Ryde community groups; a community information centre; and a potential event space.

RTC said the purchase is subject to a successful structural survey.

Lisa Dyer said: “It is vital to note that this is an important step for both Ryde Town Council and the town of Ryde.

"The council believes that this is a necessary, prudent move that will have genuine benefits for the community.”

A consultation about the purchase is currently being held and Ryde residents are invited to have their say.