A former Beatties department store in Wolverhampton, with permission to build 400 homes, is on the market for £7.5m.
The 376,636 sq ft site, which includes a multi-storey car park, has a GDV of £70m. The planning for 400 homes does not stipulate provision for affordable housing or section 106 agreements.
Alexander Lawson Chartered Surveyors has instructed Robert Irving Burns to sell the property on behalf of KSEYE Capital. Robert Irving Burns said £4m of the site’s preliminary demolition and groundworks have already been completed.
The West Midlands Combined Authority has also produced a letter of intent providing levelling up/gap funding.
Antony Antoniou, chief executive of Robert Irving Burns, 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, which is 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 section 106 allocation, it provides the right buyer with an excellent investment opportunity.”
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