ROANOKE, Va., April 28, 2008 (PRIME NEWSWIRE) -- Woltz & Associates, a Roanoke-based auction and real estate brokerage firm, will auction the 78-acre former Saint Albans Hospital property on May 16 at noon. The auction will take place on-site in the Conference Center overlooking the picturesque New River, which runs along 12 acres of the property.
Originally founded in 1892 as an elite boys' school, St. Albans School was housed in a brick structure offering views of the City of Radford, the New River and surrounding mountains until it closed in 1911. Four years later, the building reopened as Saint Albans Sanatorium and during the next several decades operated as a psychiatric hospital, most recently under the management of Carilion New River Valley Medical Center.
The primary 106,800-square-foot building, completed in 1980 as a 162-bed hospital, has been utilized as an office building since the property was donated to the Radford University Real Estate Foundation in 2004.
According to Jonna McGraw, associate broker for Woltz & Associates, the property, which is located in a Virginia Enterprise Zone, holds potential that could include anything from repurposing the primary hospital facility to commercial or residential development, conservation and historic preservation, and more.
"The St. Albans campus has a strong history of combining versatility and functionality to serve a number of purposes," says McGraw. "That combination makes this property extremely valuable to potential buyers, so we plan to auction the campus in such a way that the value of everything on the property is enhanced and we garner the most benefit for the owner and for the community."
In addition to the Class A office/hospital building and the historic Saint Albans Hospital building, the property includes a 2,492-square-foot office building, a greenhouse, other supporting structures and more than 50 additional acres of undeveloped land, with excellent commercial and residential development potential. There is also more than one half mile of frontage on the New River.
Woltz & Associates has divided the property into seven individual tracts and will utilize its unique, licensed M3 auction system to allow interested buyers to pick and choose which portions of the property to bid on. The process encourages more bidding for broader purposes and will ultimately lead to a higher total sale value, the proceeds of which will benefit the Radford University Real Estate Foundation.
The county tax assessed value for the entire property is $14,675,000, and the primary building has a current annual rental income of $719,160. Pre-auction inspections are scheduled for April 30, May 9, and May 15.
For more information, visit www.woltz.com.
About Woltz & Associates
Located in Roanoke, Virginia, Woltz & Associates was founded by Jim Woltz, who has more than 34 years of real estate experience. The firm specializes in the sale of farms, timberland, ranches, commercial, investment and industrial properties by auction and the traditional brokered method. Woltz & Associates is licensed in 17 states and sells real estate using its M3 system, the "gold standard" in auction software. The software, along with the skill of the Woltz auction team, allows divisible property to be sold in individual tracts, in multiple groupings of tracts and as a complete parcel.