Leana Leong of Gold Leaf property investments proposes converting the cellar and upper floors of 41 Broad Street which is opposite Welshpool Town Hall, into four “residential units.”
As the property is Grade Two listed both a full planning and listed building consent applications have been submitted to Powys County Council.
The ground floor office would remain for potential commercial use.
Agent Aaron Williams of Base Architecture and Design explained the proposal in a design and access statement.
Mr Williams said: “The shop frontage will remain unchanged and access to the residential units will be via an existing ginnel which leads from Broad Street to the rear courtyard entrance.
“The building is Grade Two listed and consideration has been given to minimise the impact on the existing built fabric.
“The proposal involves the creation of an additional rear entrance to cellar level.”
Three of the flats would have one bedroom each as well as bath/shower rooms, open-plan living kitchen and dining areas.
The fourth flat would have two bedrooms.
The flat that would be at “cellar level” would be accessed from a new entrance door and staircase.
Mr Williams said: “The proposal will preserve and enhance the existing fabric of the building and through its continued use, ensure its longevity.”
A heritage impact assessment explains the history of the building which could go back nearly 250 years.
It states: “Over the doorway to number 41 is the date 1816: this relates to the takeover in that year of the failed Montgomeryshire Bank.
“That bank was founded by Robert Griffith and Sir Arthur Owen of Glansevern and may have been trading from this site as early as the 1780s.
“However, the bank was the victim of the post Napoleonic Wars financial crisis of 1815/16 and was taken over by Beck’s Bank which was founded in Shrewsbury in 1800 and also traded as the Shrewsbury and Welshpool Old Bank.”
According to the assessment the name Beck does not appear in “rate books” until 1818.
This means that it is “unclear” whether the new owners of the bank remodelled an existing building or built a new one.
Number 42 next door became part of the bank complex in the 1870s.
In 1880 the bank was sold to Lloyds Bank with one of the partners, Spencer Phillips given a seat on the Lloyds board.
In the 1970s, Lloyds Bank, moved to number 40 Broad Street and number 41 was then used by an estate agent, as an office for the National Trust and then taken over by the Clwyd-Powys Archaeological Trust – but it is empty now.
Powys planners have until November 3 to decide the application.