Beatties renovation back on track after building bought for £6.15m
The former Beatties department store in Wolverhampton has been bought from the receiver for £6.15 million.
The landmark building, with its imposing Art Deco frontage, had been facing an uncertain future following the collapse of its previous owner in November last year.
But restoration work is now due to recommence in the summer after the property was bought by the Middlesex-based Eden group.
Director George Dhillon said the company's plans were largely along the lines of the planning permission granted to the previous developer, with retail use on the ground floor and more than 400 apartments on the upper levels.
Mr Dhillon said building work would resume in July, with the first apartments going on sale about 12 months later. The properties would then be released in phases, with the scheme expected to be completed in about five years' time.
The famous department store has been empty since 2020 when the retailer's new owner, House of Fraser, moved to smaller premises in the Mander Centre.
Developer SSYS Beatties Ltd bought the building for £3 million, and secured permission for a massive redevelopment, but the company collapsed last year and receivers were called in.
Fellow director Hiten Raghwani said a team of experts had carried out a detailed survey of the building, which was built in the 1920s, and found it to be structurally sound.
"There will be no large-scale demolition, the building will be restored," he said.
Mr Dhillon said this was the Eden Group's first development in the West Midlands, which has been identified as a major growth area.
"A lot of our developments are in the Home Counties and London, so this is our chance to diversify our portfolio," he said.
"We think there is growth to be had in Wolverhampton and the West Midlands, with the need for housing and the greater affordability there.
"There are really good transport links between Wolverhampton and Birmingham, and also between Birmingham and London. We believe there are a lot of first time buyers who are looking for somewhere more affordable to live, those in the 25-35 age group."
He said overseas students had been identified as another possible target market. Last month Wolverhampton University revealed that it planned to recruit an extra 6,000 students from abroad by 2029.
"Many overseas students like plush, one-bedroom apartments, but they are also interested in the amenities that are close at hand, so it could be that we want to put a gym in the building, or something like that," Mr Dhillon said.
He added that the company had been working closely with the West Midlands Combined Authority, which had indicated some financial support may be available.
He said the company was still finalising the precise details for the mix of residential and retail units.
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