A prominent office building in the heart of Wolverhampton has been sold and is to be transformed into a multi-let serviced offices scheme.
Deansgate has been sold by Kames Capital to unnamed local private investors.
The 24,000 sq ft building had been empty since being vacated by HM Revenue & Customs 18 months ago. HMRC was still paying rent until the point of sale due to the terms of its lease, which was not due to have expired until 2021. As part of the sale, HMRC has paid a surrender premium and concluded its liabilities.
The new owners have started work on a substantial refurbishment and when completed, the building will be launched as a serviced business centre. The Victorian building will retain its original, listed, façade.
Bulleys is joint letting agent with Cushman & Wakefield. Cushman was also instructed by Mapeley Estates, which represented HMRC in managing its property portfolio. Both agents are retained by the buyer to market Deansgate.
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