Beatties likely to be shops and flats if sold, council boss says
Beatties is likely to comprise of a mix of flats and retail if a deal is agreed with a private investor.
An offer of around £3 million has been accepted for the landmark building with legal work now ongoing with a view to completing a sale.
The investor has held discussions with senior figures at the city council, who are keen to ensure it is not left empty for a long period.
Council leader Ian Brookfield said he understood plans for the Beatties building include "city living" but that an element of retail could also be included.
It is hoped the deal will go through over the next few weeks, following the collapse of a takeover by the University of Wolverhampton.
House of Fraser will move out of Beatties in January to switch to the Mander Centre, bringing an end to more than 140 years of retail history in Wolverhampton.
Councillor Brookfield said: "From initial discussions it is that mix, a bit of retail and flats - some type of city living.
"It's got to be a mix for the size of that building. It's got two nightclubs attached to it and car parks attached to it.
"It is a massive site and some of it is not fit for purpose, that's why there is some big bills associated with it."
The leader said the city council was determined to support the redevelopment of Beatties and would want a new buyer to progress plans for the site quickly.
He said: "We're willing to speak to anybody about this iconic part of our city.
"At the moment a private investor from down south is going through the same type of due diligence the university went through.
"Obviously, issues regarding land banking we as a council would not be happy to participate in."
