Posted: 12 Oct, 2021
Plans to convert the former Sunbeam motorcycle factory in Wolverhampton can restart following the site’s sale to Paragon Living Space.
The landmark 150,000 sq ft site which has been partially converted into residential apartments has been sold by commercial real estate specialists Colliers for £7.5million on behalf of administrators at Quantuma and Receivers at FRP Advisory. Paragon specialises in the delivery of social and public sector housing in Wolverhampton.
The site has full planning consent for conversion to 117 residential units, although only 35 were completed before it fell into administration. The former factory sits within 2.1 acres of land and occupies a gateway position off Wolverhampton Ring Road. The approved development also has a central courtyard, landscaped community hub and games room for residents alongside 112 parking spaces.
Paragon Living Space plan to reassess the planning application with the local authority to ensure its viability.
Robbie Hubball from Paragon said: “We’re excited that we’ve been able purchase this site which is iconic and has been stalled for so long. There are already some great properties completed in the site and we’re looking forward to updating the plans and creating a real community for the area.”
The development is located only one mile from Wolverhampton Railway Station and within a 10-15 minute walk from the city centre and university. Wolverhampton is a young and vibrant city currently benefiting from £3.7bn of inward investment.
Simon Campbell, managing director of Quantuma, said: “We were never in doubt that a new developer could be found to take on this project. We’re pleased that soon the uncertainty of the past few years will be resolved for those already living on site.”
Nick Hammond, head of Advisory & Restructuring at Colliers, added: “It’s great that the rejuvenation of this building can now get back underway after what has been a challenging period in its impressive history. Paragon has a strong interest in making the site work for the existing and future residents and I wish them luck in their endeavours.”
Peter Fenwick & Co, specialist insolvency surveyors, provided the initial exit options and marketing strategy recommendation while Lambert Smith Hampton advised Paragon Living Space on the acquisition.
Richard Durkin, director at Lambert Smith Hampton, commented: “The acquisition represents a very exciting moment for the City of Wolverhampton; having spent considerable time at the property and looking at Paragon’s plans to complete the development I am convinced that it offers an amazing opportunity to create a significant number of good quality contemporary homes which benefit from unrivalled outdoor space offered by the central courtyard."
More details here
Back to News