(Image: Acuitus)
A historic building in the heart of the Bradford city centre is set to go under the hammer for the second time this year.
The Wool Exchange, a Grade I listed property on Market Street, is set to be sold at the Acuitus commercial property auction on October 29, with a guide price of £1.8 million to £1.9 million.
A feasibility study has already been completed for a potential boutique hotel conversion on the upper floors.
Built in the mid-1860s, the 30,942 sq ft building was originally used for trading wool but now houses 12 retail units on the ground floor and two upper floors of self-contained office space.
How much does the building generate?
The Wool Exchange building on Market Street (Image: Newsquest)
The property generates an annual rental income of £268,690.56, though the first-floor offices are currently vacant.
John Mehtab of Acuitus said: "This landmark period building is an attractive asset for buyers with its fully let retail offering, and the upper parts potentially suitable for alternative uses, including a Boutique Hotel, for which the seller has undertaken a feasibility study."
Waterstones in the Wool Exchange (Image: Newsquest)
Wool Exchange sold in February
Earlier this year, the Telegraph & Argus reported that the Wool Exchange sold at auction for £771,000.
But there was unlikely to be much change to the building, as the current tenants had a lease until November 2121.
It went under the hammer at a property auction with a guide price of £500,000.
The auction said the sale was on behalf of Bradford Council.
The details of the buyer was not announced.
Wool Exchange history
Located in Bradford’s pedestrianised retail quarter, the Wool Exchange sits among more than 80 major retailers and is home to businesses including Waterstones, Tiffin Coffee and The Exchange bar.
The building's foundation stone was laid by Prime Minister Lord Palmerston.
It has not been used for wool trading since the 1960s.
The Waterstones store inside the Wool Exchange is frequently described as one of the most beautiful bookshops in the UK, featuring a mezzanine café that overlooks the grand hall.
The Wool Exchange is considered one of Yorkshire’s finest buildings.
The Wool Exchange (Image: Newsquest)
Protected status
Its Grade I status makes it one of Bradford’s most protected sites.
Historic England said: "In type the design looks to the precedent of the great Flemish Cloth Halls but the style is Venetian Gothic, particularly in the polychromy and the serrated openwork of the parapet cresting.
"The Wool Exchange, perhaps more than any other building, symbolises the wealth and importance that Bradford had gained by the mid C19, on the basis of the wool trade."
Auction details
The auction will take place at 1pm and will be broadcast live on the Acuitus website, with bids accepted online, by phone, or by proxy.
The building’s prominent location and historic significance, combined with its rental income and development potential, are expected to attract strong interest from investors.
For more details about the auction, visit acuitu.co.uk/property/5645/