Landmark department store listed with £70m development opportunity
Wolverhampton’s former landmark department store Beatties has been placed on the market for £7.5m.
The 376,000 sq ft property on Victoria Street comes with a £70m development opportunity, thanks to two planning approvals for the conversion and construction of more than 400 residential units.
Three additional buildings with a yard are included in the sale price with estate agent Robert Irving Burns (Rib), as well as part of the ground floor of a car park which is let to Gorgeous Nightclub which can be relocated within the scheme.
The West Midlands Combined Authority has produced a letter of intent to provide levelling up/gap funding.
First opened by James Beattie in 1877, Beatties has been vacant since House of Fraser left in 2020. The 146-year-old building was picked up by SSYS Beatties in February 2021 for £3m, which developed plans for 306 apartments and 73,000 sq ft of retail space.
Rib is acting on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital.
Antony Antoniou, CEO of Rib, 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”.
