Former BT building sold for £4.25m

Wolverhampton city centre landmark Telecom House has changed hands for the second time in 18 months after being acquired in a £4.25m deal.

The 84,876 sq ft building, which is to be converted to 156 apartments, was sold to Empire Property.

It had previously sold for more than £3m in July 2018 to Inspired Asset Management which later went into receivership.

James Mattin, managing partner at property firm Bond Wolfe, said: “We sold Telecom House on behalf the Law of Property Act Receiver after we were appointed in November 2019. The previous owner Inspired Asset Management went into receivership in August.

“We won the contract to sell Telecom House after a very competitive tender process and immediately received strong interest in the building from both regional and national developers and investors.”

Telecom House is a six storey office building in two wings on a 1.436 acre site with approximately 70 parking spaces. It was building in 1984 and substantially refurbished in the early 2000s.

At one time more than 700 BT staff worked in the Church Street building but BT moved out and put it up for sale in 2017.

It is also on the edge of the £55m Westside leisure development.

Empire were advised by Keebles while Addleshaw Goddard acted for the LPA Receiver.