A MULTI-MILLION pound move for NatWest to take on the vacant HMV unit shows the ‘changing landscape’ of the city’s retail ahead of the new Westgate centre.

The bank has submitted plans to refurbish the music chain shop and create a three-floor branch but it will have to fork out £465,000 rent a year for the next decade.

Commercial property expert Richard Venables said the retail landscape was changing rapidly and Cornmarket Street was becoming a ‘service area’ for banking and leisure.

The director at commercial property consultants VSL & Partners, said his firm was marketing the existing NatWest in the street and it had already attracted interest from restaurants.

He said: “Retail is an expensive commodity, and the unit NatWest are moving to is in an attractive location - it seems in line with the market rent from my understanding.

“The retail landscape of the city is changing rapidly, there’s a lot of anticipation of the Westgate opening.

“Cornmarket seems to be changing to less of a retail area and more of a service area, for banking and leisure.”

The music chain shop was split into two units in 2014 after it was closed but according to marketing firm MMX there was “no meaningful interest” in the other unit from shops in almost two years, with fast food chain Leon finally taking it on in 2016.

The firm blamed the redevelopment of the £440m Westgate Shopping Centre.

Recently River Island and Next both agreed to move to the new centre leaving two more empty units shortly.

But Mr Venables said that demand was still high in the city.

He said: “It’s a strong market for retail, it’s got a triple hit with the residential population, the ever-revolving student population and tourists.

“We’re getting segmentation now, with Westgate being pure retail and leisure offering extending from George Street to Cornmarket.

“There’s a lot of angst in the independent sector but the new shopping centre will be transformational and really put Oxford on the map.”

The new bank will have two new external cash machines as well as automated machines inside and face-to-face customer counters.

The bank took on the unit on a ten-year lease at a rent of £465,000 per year, according to real estate consultant Green and Partners, who advised on the deal.