Former shop with Banksy art taken off market so owner can 'look at options'
- Credit: Mick Howes
An empty town centre store, which now features a mural created by the world's most famous street artist Banksy, has been taken off the market.
The former Lowestoft Electrical building has been withdrawn from sale after Banksy confirmed on August 13 he was behind the artworks in Suffolk and Norfolk as part of the recent Great British Spraycation.
Earlier that week, the building on the corner of London Road North and Regent Road in Lowestoft had gone on sale for £300,000.
But it was withdrawn from sale on August 13 so the owner could consider his options.
Estate agent Danny Steel, of Steel & Co Commercial Property Services, said the London-based owner believed the artwork could be worth more than the property it was painted on.
The work depicts a child with a crowbar next to a sandcastle and lifted paving slab.
A protective screen was installed on the artwork at the start of the week, with the broken paving slab having now been replaced and the sandcastle removed.
Mr Steel said: "The property in question was lucky enough to be chosen to display this great piece of art so until the owner can preserve the artwork it has been taken off the market."
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The former Lowestoft Electrical shop, which closed its doors in 2018 after 65 years of trading, has been sold twice before.
A scheme to convert it into three ground floor retail units and eight flats was approved by East Suffolk Council in May 2020.
Mr Steel said: "The owner, who lives in London, bought it and was trying to sell it on as we put it on the market for £300,000.
"But as soon as the confirmation came that the artwork was by Banksy and it potentially could be worth more we took it off the market.
“He’s looking at his options and seeing what he can and can’t do."
Mr Steel said the owner had agreed to pay for a replacement copy of the artwork if the original was removed from the building and sold.
Mr Steel, who is also chairman of Lowestoft Vision - the town’s business improvement district (BID), which is managed by Suffolk Chamber of Commerce - said the Bansky works had provided a tourism boost.
"The town has been very, very busy and the footfall has been absolutely great," he said.