The former Beatties department store in Wolverhampton has been acquired by Eden Property Group for £6.15m.
The 376,636 sq ft building is set to be redeveloped into 400 homes following its sale, which was brokered by Robert Irving Burns on behalf of receiver Alexander Lawson Surveyors for KSEYE Capital.
Three additional buildings were also included in the sale, but are set to be excluded from the approved plans.
Antony Antoniou, chief executive of RIB, said: “The site represents a fantastic investment opportunity for the Eden Property Group, which has a proven track record in urban land planning and large-scale regeneration.
“This scheme, with its combination of centrally located housing and wealth of additional amenities, will unlock the wider regeneration of Wolverhampton city centre.”
Savvas Socratous, director of Alexander Lawson Surveyors, added: “It is always rewarding to be involved in a receivership sale where the end result is equally positive for the creditor as well as the regional regeneration and infrastructure – that generates true value.”
The West Midlands Combined Authority (WMCA) has produced a letter of intent providing levelling up funding, and is working with the Eden Property Group to redevelop the site.