Vacant department store acquired with £70m development opportunity

Wolverhampton’s former landmark department store Beatties has been acquired for £6.15m, after sitting vacant since the departure of House of Fraser in 2020.

The Eden Property Group, based in Middlesex, has purchased the 376,000 sq ft property on Victoria Street which comes with a £70m development opportunity.

More than 400 homes are expected to be built on the site thanks to two former planning applications.

Three additional buildings with a yard were included in the sale 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.

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 has acted on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital.