Iconic department store sold for £3m

Wolverhampton’s former Beatties department store has been sold for £3m.

The 140-year-old building, which has been taken on by a private investor, had been occupied by House of Fraser, which is set to move into the former Debenham’s in the Mander Centre.

The store had been at risk of closure when the chain went into administration but boss Mike Ashley pledged to keep it open.

Jonathan Butcher, commercial investment manager at Allsop, said: “The sale of the building presented a unique opportunity to acquire a significant city centre site steeped in history.

“It was no wonder that the property was in such high demand throughout the sale process resulting in numerous proposals from investors and developers alike.”

Spanning 376,636 sq ft across 2.64 acres, the purchaser is expected to reshape the use of the building “across multiple sectors”, Allsop said.

The news of the deal comes as The University of Wolverhampton confirmed in November 2019 that it had withdrawn from the bidding process.