One of the West Midlands most famous landmark buildings has been listed for sale.
Commercial agents and investment specialist Robert Irving Burns says the iconic Beattie’s department store, on Victoria Street in central Wolverhampton, is set in a designated regeneration zone.
The site is huge - 376,636 square feet - and includes a multi-storey car park. It has a gross domestic valuation of £70m, it is listed for freehold sale at £7.5m.
The former Beattie’s department store is set behind a striking Art Deco façade, and comes with two significant planning approvals for conversion - the first is the construction of 400 plus residential units, and the second is a zero affordable housing provision needed - the site comes without any S106 agreements.
Three additional buildings and a yard are included within the sale, but are excluded from the approved planning consents, offering further development opportunity subject to planning permission.
The site’s listed price of £7.5m gives it a low capital value of £19.91 per square foot, with circa £4m of the site’s preliminary demolition and groundworks already complete.
Robert Irving Burns is acting on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital. The West Midlands Combined Authority has also produced a letter of intent providing levelling up and/or gap funding.
Antony Antoniou, chief executive of Robert Irving Burns, comments: “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.”