A prominent office building in the heart of Wolverhampton has been sold and is to be turned into a ‘high-end’ serviced offices development.
The building is Deansgate, a two-storey 24,000 sq ft building in Tettenhall Road, which was a local tax office vacated by HM Revenue & Customs 18 months ago. It was previously a terrace of up-market houses.
Deansgate - built by the Victorians and still retaining its original façade which is now listed - has been bought by local private investors, in a deal completed by leading real estate company Cushman & Wakefield.
The buyer has good experience of the local market and has undertaken similar projects in the past.
The buyer is already moving forward with improvements at Deansgate, and turning it into a high-quality multi-tenancy development.
Cameron Thomson, a senior surveyor in Cushman & Wakefield’s Birmingham offices team, said that whilst the building had been empty since being vacated by HMRC, the latter 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 by the previous owner, London-based Kames Capital, HMRC has paid a surrender premium and concluded its liabilities.
Mr Thomson said: “This is a significant deal for Wolverhampton, and Deansgate is a prominent building with a huge amount of potential. It is sure to be in demand once the planned improvements to it are completed to provide an impressive and unique building.
“Behind the listed façade is a very modern, usable floorplate, and there is also a very generous private car park at the rear. Going forward, it will make a great hub for the right sort of professional or creative businesses.
“The buyer is delighted to have acquired such a prominent and attractive building in a location they know well, having previously purchased similar property nearby, on Tettenhall Road.