Wolverhampton's former Beatties store sold for £3m

The Beatties building in Wolverhampton is over 140 years old

Wolverhampton's former Beatties department store has been sold for £3m.

The building, which has served as a city landmark for decades, has been taken on by a private investor, a property consultancy said.

It had been occupied by House of Fraser, which is set to move into the former Debenham's in the Mander Centre.

The store had been at risk of closure when the chain went into administration but boss Mike Ashley pledged to keep it open.

Beatties began life as a draper's shop in 1877 before expanding and it remained in the hands of the Beattie family until 2005, when House of Fraser took over.

The landmark building, on Victoria Street, was put in the market in 2019.

There had been interest in its purchase from the University of Wolverhampton but it decided not to buy the building owing to the costs of refurbishment.

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Jonathan Butcher, commercial investment manager at Allsop, said: "The sale of the building presented a unique opportunity to acquire a significant city centre site steeped in history.

"It was no wonder that the property was in such high demand throughout the sale process resulting in numerous proposals from investors and developers alike."

There are no details yet on the plans for the 376,636 sq. ft building but Allsop said the buyer is expected to reshape its use "across multiple sectors".