Funding talks after former Beatties site sold

The former Beatties department store would be redeveloped into more than 400 new homes, an estate agent said.

Extra funding could be secured to support the redevelopment of the former Beatties department store, a real estate company said.

The building in Victoria Street, Wolverhampton, was sold to the Eden Property Group for £6.15m after it was left empty in 2020.

Developers plan to turn the store into more than 400 homes along with other facilities, estate agent Robert Irving Burns (RIB) said.

West Midlands Combined Authority (WMCA) stated it was discussing potential grant options with the new owners of the building.

"City of Wolverhampton Council is working with [the owners] on next steps for the redevelopment of the building and site," the authority added.

The sale of the 34,911 sq m (376,636 sq ft) property included a multi-storey car park and was expected by RIB to be worth £70m once developed.

Three additional buildings and a yard were included in the sale and could be developed if planning permission was approved.

RIB's managing director, Antony Antoniou, said the scheme would help to regenerate Wolverhampton city centre.

"It is good to see that the WMCA has continued to be so supportive of the redevelopment," he added.