BEST BIDS INVITED FOR FORMER TELECOM BUILDING

Developers interested in buying the former British Telecom building in Wolverhampton have been given a deadline of noon next Wednesday to put forward their best and final offers for the property.

Telecom House, on Church Street, was placed on the market by Harris Lamb in June this year, and the agents have reported high levels of interest.

BEST BIDS INVITED FOR FORMER TELECOM BUILDING

Tom Morley, of the Agency team, said: This marks the largest office disposal within the city in years, and we knew when Telereal Trillium instructed us to sell the six-story property that wed experience very high interest levels.

The building already has plans submitted for 100 apartments under permitted development rights, making it an attractive proposition to investors and developers, and its close proximity to the Wolverhampton University campus suggests it is ideally suited to conversion into student accommodation,he said.

As such, the agents began marketing the property a matter of weeks ago, with a guide price of £2,950,000.

Fronting the Ring Road St Johns, the building has 70 parking spaces and is within easy walking distance of the centres leisure and retail offering, and with immediate access to all major routes.

While is is suited to a number of uses, a change to residential use is allowed under permitted development rights and an application has already been submitted for 47 one-bedroom and 53 two-bed apartments.

We have now been instructed to invite final and best bids from all interested parties by Wednesday August 16th, upon which the owners will review offers and their status, levels of due diligence and timescales, before making a decision,he added.

All offers must be made in writing or via email by the 12 noon deadline.

For details, contact Tom at Thomas.morley@harrislamb.com 0121 455 9455.