Sanderson Weatherall and Towler Shaw Roberts have been jointly instructed to bring to the market, the iconic Niphon Works scheme in Wolverhampton following the appointment of Administrators.

The property has full planning consent for 49 apartments, 17 of which have already been constructed. 13 of these residential units have been let and produce an annual income of £96,480. A further 32 dwellings are still to be built.

Planning consent for the current redevelopment was obtained in 2017 by United Development Homes Limited and Niphon Limited, before it fell into Administration in February.

The former factory and its surrounding land occupies a position fronting Lower Villers Street, less than a mile from Wolverhampton City Centre. Other local occupiers include Sainsburys, Curry’s & Pure Gym.

Martin Zaki, Towler Shaw Roberts said: “With a leading university on the development’s doorstep, and inward investment pouring into Wolverhampton, now is an exciting time for a residential scheme such as this to be coming to market. Once complete, Niphon Works will offer extensive asset management and value-add opportunities for funds, JV partnerships and developers seeking a high return on investment.”

Tim Simmons, Sanderson Weatherall said: “Niphon Works is an iconic building in Wolverhampton and was originally built in 1885 by entrepreneur Robert Stroud and was once the city’s biggest factory, employing more than 300 people at its peak. Now for sale on behalf of Administrators, the part complete scheme offers potential buyers an exciting, unique opportunity to acquire a site of real historic significance. Interest is expected to be strong.”