The former Beatties department store in the centre of Wolverhampton has been put up for sale for £7.5m.
The landmark Art Deco site spans 376,636 sq ft, including a multi-storey car park, and it is being sold freehold, with two planning approvals for conversion and the construction of 400 plus residential units, with zero affordable housing provision needed nor S106 agreements.
The development site has a GDV of £70m and three additional buildings and a yard are included in the sale, but are excluded from the approved planning consents, offering further development opportunity, subject to planning permission.
Antony Antoniou, CEO of Robert Irving Burns, which has been appointed to market the building on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital, said: “This is a rare opportunity to purchase an iconic piece of real estate, which marks a cornerstone for the wider regeneration of Wolverhampton town centre.
“The buyer would be able to start work immediately, as the site has the full backing of the local council, who are keen to recommence building works, and benefits from £4m of initial works already complete. Given the site’s central location and no affordable housing or S106 allocation, it provides the right buyer with an excellent investment opportunity.”
