£5m revamp to give old Wolverhampton Co-op new life
A former Wolverhampton city centre department store is in line for a £5 million revamp under new plans unveiled by developers.
The old Co-op in Lichfield Street opened in 1931 and served as one of the city's major stores until it closed down in 1987.
The vast five-storey building takes up half of one side of Lichfield Street and incorporates the Moon Under Water pub and the old O'Connells bar.
Most of the 40,000sq ft premises is currently derelict, but owners Pearl & Coutts are in advanced talks with a number of firms that are interested in taking over sections of the building. The London-based property developers are planning the overhaul which includes replacing the existing roof and a complete revamp of the decayed interior.
Interested parties include the city's Central Youth Theatre (CYT), who want to set up a new arts and theatrical centre in a 40,000sq ft section of the first floor and basement.
Bosses at CYT say they will need to raise around £200,000 to get the project completed should they get the go-ahead to occupy the building. Although plans have yet to be submitted for the building, Wolverhampton City Council's regeneration chief Councillor Peter Bilson said the development would be 'clearly welcomed' should it come to fruition.
"The site has been an eyesore for years and it is something that we are very keen to see brought back into use," he said.
"It is a significant size and with the right occupiers could be a considerable asset to the city.
"We will be looking to work closely with the owners to ensure they get as much support as possible when it comes to applying for planning permission."
Pearl & Coutts bought the building in 2005, but only the Moon Under Water has operated from the premises since O'Connells closed around five years ago.
The 11,000sq ft space formerly occupied by the Irish bar has been on the market to rent since then for £60,000 a year.
Councillor Bilson added that the development would be 'another positive' to an area of the city centre that the council is keen to regenerate.
The second stage of the Interchange project is well underway on nearby Pipers Row, while plans are also in place to transform the Old Post House on Lichfield Street into a 1,000 capacity concert hall and business hub.
"There's a good couple of years worth of development in the pipeline," he said. "We are waiting for the button to be pressed to build a new railway station and the sight of cranes reaching high into the sky is good news for the city as a whole."
