•The iconic Beattie’s department store, 71-78 Victoria Street, is set in a designated regeneration zone
•The site spans 376,636 sq. ft. (34,911 sq. m.), includes the multi-storey car park and has planning for over 400 residential units
•With a GDV of £70million, the property is listed for freehold sale at £7.5million
A landmark site in the centre of Wolverhampton has today been listed for sale through Robert Irving Burns (RIB), the commercial agents and investment specialists.
The former Beattie’s department store is set behind a striking Art Deco façade, and spans 376,636 sq. ft. (34,911 sq. m.), including the multi-storey car park. It is being sold freehold, with two significant planning approvals for conversion and the construction of 400 plus residential units, with zero affordable housing provision needed nor 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, which has a Gross Development Value of £70million, is being listed for sale at £7.5million, a low capital value of £19.91 per square foot, with circa £4million of the site’s preliminary demolition and groundworks already complete. RIB is acting on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital. The West Midlands Combined Authority (WMCA) have also produced a letter of intent providing levelling up/gap funding.
Antony Antoniou, CEO of RIB, commented: “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 £4million 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.”
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