Tax office set for new lease of life following its sale
WOLVERHAMPTON’S former tax office is set to be converted into a high-end serviced offices development following the sale of the building.
Deansgate is a two-storey, 24,000 sq ft building in Tettenhall Road, which served as the local tax office up until it was vacated by HM Revenue & Customs 18 months ago. It was previously a terrace of up-market houses.
The building, which dates back to the Victorian era and still has many of its original features, has been purchased by a local private investor in an undisclosed deal. The deal was completed by real estate company Cushman & Wakefield.
The buyer is said to have good experience of the local market and has undertaken similar projects nearby in the past.
Cameron Thomson (left), a senior surveyor in Cushman & Wakefield’s Birmingham offices team, said while the building had been empty since being vacated by HMRC, the latter was still paying rent until the point of sale, due to the terms of its lease, which was not due to have expired until 2021.
As part of the sale by the previous owner, London-based Kames Capital, HMRC has paid a surrender premium and concluded its liabilities.
Mr Thomson said: “This is a significant deal for Wolverhampton, and Deansgate is a prominent building with a huge amount of potential. It is sure to be in demand once the planned improvements to it are completed to provide an impressive and unique building.
“Behind the listed façade is a very modern, usable floorplate, and there is also a very generous private car park at the rear. Going forward, it will make a great hub for the right sort of professional or creative businesses.”
“They are embarking on an immediate and substantial refurbishment and repositioning of Deansgate, which deserves improvements,” added Mr Thomson.
Joint agent with Cushman & Wakefield was Bulleys. Cushman & Wakefield were instructed by Mapeley Estates, which represents HMRC in managing its property portfolio. Both agents are retained by the buyer to market Deansgate.
