AN old bank in the town centre is to be converted into luxury student digs.

The former Lloyds TSB bank in Deansgate was pulled from auction last month after an 11th hour bid from developers matched the £200,000 asking price.

The landmark building, opposite Beales department store in Deansgate, was due to be auctioned at Manchester United’s Old Trafford ground.

But the company behind the redevelopment of the former Pack Horse Hotel — also a conversion into student halls — has now snapped up the bank.

The ground floor of the building will remain as offices and will act as a town centre base for Westhoughton-based Hamilton Black Developments, while 25 ensuite rooms, similar to those currently being installed at the Pack Horse, will be housed on the first and second floors.

The plans are still in the early stages and have not yet been submitted to Bolton Council, but it is hoped students can move in next year.

Lyndon Forshaw, partner at Westhoughton-based Hamilton Black Developments, said: “The ground floor isn’t really suitable for accommodation so that will remain as commercial.

“There will be parking as well as a roof garden.

“The rooms will be similar to the Pack Horse and we will market it in the same way.

“Students at these halls may get to use the facilities at the Pack Horse.”

A £4 million revamp of the Pack Horse is underway, where students, who will move in this September, will have their own gym and a top-spec common room, with pool tables and satellite TV.

More than 60 of the rooms have a kitchenette and every room will have its own en suite bathroom and flat screen TV.