Former Beatties site in Wolverhampton has £7.5m price tag

The former Beatties department store in Wolverhampton has been listed for freehold sale at £7.5m.

A former landmark department store in Wolverhampton is up for sale for £7.5m.

The 146-year-old Beatties building in Victoria Street has been empty since House of Fraser moved out of the building in 2020.

Now it has been listed for purchase through the estate agent Robert Irving Burns (Rib).

Once developed the 34,911 sq m (376,636 sq ft) property, which comes with planning permission for more than 400 flats, is expected to be worth £70m.

The sale also includes a multi-storey car park and three additional buildings with a yard.

Those extra buildings are currently excluded from the approved planning consents on the rest of the property.

• Plans to turn Beatties building into 300 flats

• Landmark Beatties store sold for £3m

• 300 staff lose jobs at Beatties

Rib is acting on behalf of receivers Alexander Lawson Surveyors for KSEYE Capital. The West Midlands Combined Authority has also produced a letter of intent to provide levelling up/gap funding.

Antony Antoniou, CEO of Rib, said: "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."

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.