The retailer Poundland will open the doors to a new store this weekend – the only store it owns outright in the UK – after putting in place an extensive six-year refurbishment of the iconic heritage building.

The discount chain bought the store from its landlord in 2019 after the previous owner was unable to carry out remedial works to the listed building.

Beginning life in 1856 as the first Royal Bank of Scotland Elgin Branch and then becoming a temperance hotel, it went on to be the town’s Woolworths before Poundland acquired the lease in 2009.

However, the building had serious structural issues that would ultimately mean it needed to be carefully dismantled before a loving reconstruction of its grand facades.

That restoration was complex, with progress interrupted by water leaks, the pandemic, the disconnection from the neighbouring buildings and an alleged arson attempt that threatened the whole project.

But while the ownership and history of the building on its own makes it unique in the Poundland estate, the store also has four special surprises upstairs too.

Because in addition to carrying an extensive range of homewares and clothing – with around a third of grocery items at £1 or below on the shop floor, Poundland has also created four flats for purchasers to buy and two are released on Rightmove – the first time Poundland has ever sold properties for the public to own.

All four buyers will have the chance to be a part of Elgin’s historic high street, and one lucky buyer will have their apartment styled with all the latest Poundland homeware and décor as it shows off its new ranges.

Of course, the flats will cost a little more than a £1 – they’re being put on sale from £85,000 – but one buyer will get an even more special bargain because one apartment has been decked out with scores of products that cost £1 or less from the store below.

All the flats are served by an air source heat pump and are being marketed by Belvoir Moray Limited.

Alan Smallman, Poundland’s transformation director, said: “Bringing the building back to life and restoring it to its former glory has been no easy task but we know how much this building means to the people of Elgin and Moray.

“We hope the love we’ve shown it will be a catalyst for more investment into Elgin and its high street.

“I’d like to thank the whole team that’s helped bring us back home here in Elgin.”

Cllr Marc Macrae, chair of Moray Council’s Economic Development and Infrastructure Services Committee, said: “I add my congratulations to the Poundland team’s efforts in refurbishing an iconic Moray building and giving the centre of Elgin a much-welcomed boost.

“It’s especially heartening to see the store about to start trading again and hope the staff enjoy being back in their own building in the busy lead up to Christmas.

“I’m sure there will be plenty of interest in the flats becoming available and it will be great to see more residential property being enjoyed in the town centre.

“There is much to be impressed about with this whole project from Poundland and I look forward to seeing further development work in the town centre to meet the aspirational aims we have for Moray.”

The restoration of the building has been made possible by the partnership of LDN Architects, Torrance Partnership, NARRO, Cdmm Uk Limited, Safehands, Highland Temporary Works, Morgan Sindall, David Smith Contractors, Darroch & Allan and Tremlett Turner and the support of Moray Council.