The former Saint Albans Hospital property is located in Pulaski County, Virginia, just across the New River from the City of Radford. This property offers something for everyone – a Class A office/hospital, an historic building, commercial/residential development land and a parcel on the New River. Water and sewer services are available to all tracts. The property, which has a current tax assessed value of $14,675,000, $734,600 for the land and $13,940,400 for improvements, will be offered in 7 parcels. Bidders may bid on individual tracts, combinations of tracts or the entire property.
Parcel 1: 106,800± sq. ft. former Saint Albans Hospital on 15.331± acres
This15.331± acre parcel features a 106,800± sq. ft. building designed as a 162-bed psychiatric hospital. The building, which was completed in 1980, is in excellent condition. It is currently being utilized as a general office building with office space on three levels, as well as conference facilities, a 4,032± sq. ft. commercial kitchen and a 5,975± sq. ft. gymnasium with skylights. The building has an automatic wet sprinkler system throughout, three elevators and intercom system. The machinery room houses a recently purchased 300-ton capacity air cooling chiller unit, two 100 hp gas or oil-fired hot water boilers, and a 190 KW Cummins standby generator. There are parking spaces for 277 vehicles. The current annual rental income is $719,160. Lease information is available at www.woltz.com. (coming soon)
Other improvements on this parcel include a 3,159± sq. ft. steel frame, concrete floor, insulated metal siding maintenance shop, 960 sq. ft. greenhouse and a picnic shelter.
This parcel commands a scenic view across the New River toward the City of Radford. It is zoned CM-1, Commercial District, has 63± ft. of frontage on Rt. 11 and 1,109± ft. of frontage on Rt. 626, Hazel Hollow Road.
Parcel 2: King House – Commercial Property with Rt. 11 Frontage
This 2.492± ac. parcel has 258± ft. of frontage on heavily-traveled Rt. 11 and is improved with the 2,280± sq. ft. two-story King House that was most recently utilized as an office building. It is zoned CM-1, Commercial District.
Parcel 3: 40,000± sq. ft. King Center
This 3.841± ac. parcel features a 40,000± sq. ft. brick structure known as the King Center. This parcel includes a unique garden and offers broad scenic vistas. Potential buyers may want to consider the historic renovation tax benefits associated with rehabilitation of the King Center. The parcel is zoned CM-1, Commercial District, is accessed via University Park Drive from Rt. 11 and has 346± ft. of frontage on Rt. 626, Hazel Hollow Road.
This highly visible 2.406± ac. lot has 585± ft. of frontage on Rt. 11 and 228± ft. of frontage on Rt. 626. It is zoned CM-1, Commercial District.
Zoned C-1, Conservation District, this 12.7± ac. parcel offers incredible potential for recreation, residential development, a bed and breakfast or campground. It has 2,737± ft. of frontage on the New River and 2,552± ft. of frontage on Rt. 626, Hazel Hollow Road. Bissett Park, located in the City of Radford, is directly across from this tract.
Parcel 6: Residential / Commercial Potential • 31.364± Acres with Beautiful Views
This 31.364± acre gently rolling parcel is improved with an extensive ropes course. There is 60 ft. of frontage on Rt. 11 and 100 ft. of frontage on Rt. 676, Manns Drive. The parcel is currently zoned CM-1, Commercial District; however, it has potential for residential development.
Parcel 7 is 10.058± acres of gently rolling land offering views of the surrounding mountains. Currently zoned CM-1, Commercial District, this tract has residential development potential.
The original portions of the building on Parcel 3 were designed by noted Philadelphia architect Mantle Fielding and were built to house St. Albans School, an elite boys’ school which was founded by George W. Miles (pictured on the left) and opened in 1892. The school closed in 1911. In 1915, Dr. John Cephas King (pictured on the right) purchased the property and established Saint Albans Sanatorium which later became Saint Albans Hospital. The building was used for patient care until the hospital on Parcel 1 was completed in 1980.
From I-81: Take Exit 109 (Radford – Rt. 177 and Rt. 600). At end of ramp, turn onto Rt. 177 North (Tyler Avenue) toward Radford/Radford University. Go 4.0 mi. and turn left on East Main Street/Norwood Street/Rt. 11. Go approximately 1.0 mi. and turn right on Rt. 11 South to cross the Memorial Bridge into Pulaski County. Property begins on left immediately after crossing the bridge. Turn left on University Park Drive at the Radford University West Campus sign.
Auction Terms and Conditions:
REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 11:00. Please bring a driver’s license for identification.
BIDDER PACKETS: Preliminary Bidder Packets will be available during the property inspections and upon request from the Auction Company
TERMS OF SALE: The real estate is being sold subject to seller confirmation. All property is sold “AS IS, WHERE IS.” Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate. ALL SALES ARE FINAL.
ANNOUNCEMENTS: Announcements day of sale take precedence over all prior releases, verbal and written, concerning this sale.
BIDDING: Registered bidders may bid on individual tracts of land, any grouping of tracts or on the whole property.
BUYER’S PREMIUM: A Buyer’s Premium of five percent (5%) of the high bid amount will be charged. The Buyer’s Premium is added to the high bid amount to determine the sale price.
DEPOSIT: A deposit in the amount of ten percent (10%) of the sale price (high bid plus Buyer’s Premium) will be required on day of sale. The deposit is payable by cash, cashier’s check, wire transfer into the Auction Company’s escrow account or pre-approved personal check made payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents, at time of registration, a letter from its bank stating that the Buyer is a customer of the bank and that the account on which the check is drawn is in good standing.
REAL ESTATE CLOSING DATE: The balance of the purchase price for real estate is due at settlement on or before July 16, 2008.
TRANSFER OF TITLE: The real estate will be conveyed by special warranty deed free and clear of all monetary liens and indebtedness, subject, however, to any recorded conditions, easements and restrictions and to unrecorded leases which will be disclosed in the Bidder Packet.
AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER, RADFORD UNIVERSITY REAL ESTATE FOUNDATION.
BOUNDARY LINES: Boundaries shown on aerial photographs and topographical maps provided by the Auction Company as a courtesy to bidders, are approximate. Bidders should refer to the survey provided in the Bidder Packet for boundary locations.
SALE LOCATION: The sale will take place in the Conference Center on the first floor of the office building on Tract 1.