MULTI-BILLIONAIRE developers have been served with legal papers after a 1960s eyesore was broken into nearly 60 times in just three months.

Newcastle City Council chiefs have vowed to recoup more than £22,000 they paid to protect the former Bank of England on Pilgrim Street after it was targeted by vandals and burglars.

The site, owned by two companies linked to the Reuben brothers, is being demolished as part of plans to redevelop the area.

In a bid to keep out metal thieves, the council has secured the site – but it is now passing the bill on to companies owned by the developers.

Stephen Savage, the council’s director of regulatory services and public protection, said: “This site is important because it is a gateway into the city centre. The council is committed to making sure that the building is safe to the public and that a long-term solution is brought to making sure that the site is redeveloped.”

The building, near the Swan House roundabout, has been empty for years.

Now legal notices have been served on the companies who own it, Newcastle Developments LLC and NNC 1 S.A.R.L, demanding they make it safe.

Police confirmed they have made many visits to the site after repeated acts of criminal damage and burglary. They have warned against entering the building.

Chief Insp Bruce Storey, of Northumbria Police, said: “Since September there have been 56 incidents at the site of the former Bank of England building. We continue to monitor the site and the derelict building. We have police officers carrying out patrols in the area. We would also urge people to stay away for their own safety. This site, or any derelict site, can be potentially very dangerous.”

No one from either company was available for comment.