New era beckons for Beatties as £3m sale poised to go through
A deal to sell Wolverhampton’s iconic Beatties store has been agreed.
Contracts have been exchanged with a private investor after an offer of around £3 million for the landmark building was accepted.
The party has confirmed it is happy to proceed with the sale following a period of legal work and due diligence, with the deal now all but done.
Formal completion of the sale is expected at the end of January, property agents Allsop said.
The completion of a sale is normally a formality once contracts have been exchanged.
It heralds the beginning of a new era for the historic building after more than 140 years as a retail giant in the city.
House of Fraser is due to move out of the building this month to switch to the Mander Centre in place of the outgoing Debenhams.
The investor has held discussions with senior figures at the city council about intentions for Beatties and it is believed the site is likely to comprise of a mix of flats and retail.
The deal will be welcomed by officials at the authority who had been concerned at the prospect of the building remaining empty for a prolonged period.
Former Wolverhampton mayor Councillor Milkinder Jaspal said he was looking forward to seeing plans for the site.
He said: “It’s an iconic site and one of the key sites in the city centre.
"The way people shop has changed and it’s going to be really difficult for a retail unit to be installed back there.
"Localised retail would be relevant and that’s much needed in the city.
"You see it in other places where it thrives. The investor will want to see a return on that investment and a medium and long-term future.”
Councillor Jaspal added: “The last thing anyone wants is an empty building in the city centre. I just hope whoever buys it has some good proposals.”
Council leader, Councillor Ian Brookfield, said the authority was determined to support the redevelopment of Beatties and would want a new buyer to progress plans for the site quickly.
It means the future of the Beatties building looks to have been settled after months of uncertainty.
The site went up for sale last summer after being taken into receivership.
The University of Wolverhampton then outlined an exciting vision for the building, only for the deal to fall through at the eleventh hour.
City officials will now await with interest details of what the prospective new owner plans to do with the historic site.
If the deal does go through, a planning application would be expected to follow shortly after.
The identity of the investor has not yet been revealed.
It is thought significant investment will be needed to bring the Victorian building back up to scratch.
The site will be left empty when House of Fraser departs over the next few weeks, ending more than 140 years of retail history.
The high street giant will be taking over the Mander Centre store currently occupied by Debenhams, under the name Frasers, when the retailer leaves the city next week.
