Standing prominently at 27 Poultry in the City of London, The Ned is one of the capital’s most recognisable examples of historic building reuse. Today, it operates as a luxury hotel, members’ club, restaurant destination and events venue, but its origins lie firmly within Britain’s financial history.

The Origins of the Building

The building that now houses The Ned was originally commissioned as the headquarters of Midland Bank, one of the largest banking institutions in the world during the early twentieth century. Seeking a headquarters that reflected its scale and influence, Midland Bank appointed the renowned British architect Sir Edwin “Ned” Lutyens to design the project.

Work on the building began in the 1920s, with Lutyens creating a monumental Grade I listed structure in the heart of the City of London. The design combined classical architectural influences with the solidity and permanence expected of a major financial institution. The vast banking hall, grand stone façade and extensive vaults were intended to communicate security, stability and prestige.

Located near Bank Junction, the headquarters became a significant landmark within London’s financial district and remained closely associated with Midland Bank for decades.

Its Role as a Banking Headquarters

For much of the twentieth century, the building served as the operational centre of Midland Bank. The structure contained offices, customer banking facilities and extensive secure storage areas, including large underground vaults. The banking hall itself became one of the building’s defining features. Supported by numerous verdite columns and designed on an impressive scale, it reflected the confidence and ambitions of Britain’s banking sector during the interwar period.

Following a series of mergers and acquisitions within the banking industry, Midland Bank was eventually acquired by HSBC. The building continued to function as a banking headquarters until HSBC relocated its operations to Canary Wharf in 2007. After HSBC’s departure, the building remained vacant for several years despite its architectural significance.

The Transformation into The Ned

A new chapter began in 2012 when Soho House founder Nick Jones and hospitality entrepreneur Andrew Zobler identified the vacant building as a potential hospitality project. The extensive restoration and conversion programme sought to preserve many of the original architectural features while adapting the space for modern use. After several years of redevelopment, The Ned officially opened in 2017. The project retained much of the character that defined the former bank. Elements such as the grand banking hall, original detailing and historic vault spaces were incorporated into the new design. Rather than removing the building’s financial heritage, the redevelopment used it as a central part of the guest experience.

What the Building Is Used for Today

Today, The Ned operates as a mixed-use hospitality venue. The Grade I listed building contains hotel accommodation, multiple restaurants and bars, wellness facilities, event spaces and a private members’ club. The former banking hall has been transformed into a large social and dining area, while some of the original vault spaces have been repurposed for hospitality and leisure uses. The building also hosts business meetings, private events and cultural activities, reflecting the growing trend of adapting historic commercial buildings for contemporary purposes.

While its function has changed dramatically from its banking origins, the building remains an important architectural landmark within the City of London. Its transformation demonstrates how historic structures can be preserved and repurposed while maintaining connections to their original purpose.

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How The Ned Repurposed the Former Bank

One of the most distinctive aspects of The Ned is the way it has adapted many of the original Midland Bank spaces for new uses while retaining their historic character. Perhaps the most notable example is the former bank vault. Located in the basement and accessed through an enormous steel vault door, the strongroom has been transformed into The Vault Bar & Lounge, a members' club space and cocktail bar. Thousands of the original stainless-steel safe deposit boxes remain in place, creating a direct link to the building's banking past.

The vast ground-floor banking hall has also undergone a significant transformation. Once the main customer banking area, it now serves as the social heart of The Ned, housing multiple restaurants and bars beneath the original verdite marble columns and among the preserved walnut banking counters. Rather than removing these historic features, the redevelopment incorporated them into the dining spaces. Several former banking counters and reception areas have been repurposed for hospitality and entertainment. Areas that once handled customer transactions now accommodate dining venues, while a former reception desk has been adapted as a stage for live music performances in the centre of the banking hall.

The building's former basement plant rooms have been converted into leisure facilities, including a spa, swimming pool, library and lounge spaces. This redevelopment allowed previously functional service areas to become part of the guest experience while preserving the structure of the historic building.

Elsewhere, former banking and executive spaces have found new purposes as meeting rooms, event venues and private club areas. Some historic rooms retain original chandeliers, wood panelling and decorative features, allowing visitors to experience elements of the building much as Midland Bank employees and clients would have done during the twentieth century.

The adaptive reuse of these spaces has become one of The Ned's defining characteristics. Rather than obscuring the building's former role as a banking headquarters, the redevelopment has incorporated many of its original features into the hotel's identity, providing visitors with a visible connection to nearly a century of City of London history.

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